Corporate social anti-activism and firm stock price: Evidence from DEI program elimination

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2025-02-13 DOI:10.1016/j.frl.2025.106968

Robert D. Evans Jr. , Leiza Nochebuena-Evans

引用次数: 0

Abstract

Corporate social activism (CSA) has become a mainstay for U.S.-based firms seeking to curry favor with consumers and investors. Despite studies showing improvements to a wide range of firm metrics as a result of the adoption and implementation of these programs, recent changes in the U.S. social and political environments have moved some firms to adopt a corporate social anti-activist (CSAA) stance, rejecting or eliminating firm participation in such programs. Our study empirically investigates the impact of the adoption of a CSAA stance, through the elimination of participation in DEI programs, on firm stock price. Findings suggest that firm adoption of CSAA leads to short-term improvements in shareholder wealth.

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企业社会反激进主义与股价坚挺：来自DEI项目取消的证据

企业社会行动主义（Corporate social activism，简称CSA）已经成为美国企业讨好消费者和投资者的主要手段。尽管研究表明，由于这些项目的采用和实施，企业指标得到了广泛的改善，但最近美国社会和政治环境的变化使一些企业采取了企业社会反积极分子（CSAA）的立场，拒绝或取消企业参与此类项目。我们的研究实证调查了通过取消参与DEI计划，采用CSAA立场对公司股票价格的影响。研究结果表明，企业采用CSAA会导致股东财富的短期改善。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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