Percorrer por autor "Krowinnus, Stefanie"
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- The market’s reaction to corporate stands on LGBTQ : related issuesPublication . Krowinnus, Stefanie; Aranda Gutierrez, Ana MilenaIn recent years, it has become common for firms to get politically engaged in topics that appear marginal or distinct to the general business. Lesbian, gay, bisexual, transgender, and queer (LGBTQ)- related issues currently receive high levels of interest in the political and corporate setting. And with corporations being publicly evaluated for their (non)engagement, this research aims to understand how the market reacts to corporate stances on LGBTQ-related issues. An event study is conducted over the years 2008 to 2018 to investigate the effect of corporate LGBTQ-related stances which are reported in newspaper articles on the respective corporate share prices. Further, this research analyzes the impact of individual as compared to cooperative stances, headquarter location, and respective predominant political orientation, and CEO activism on abnormal returns throughout the event window. The study returns insignificant abnormal returns which indicate that the market does not react to corporate stands on LGBTQ-related issues. There is also no statistical significance for the moderating variables. Despite the insignificant results, this study suggests that the market undervalues the potential long-term benefits of LGBTQ-related supportive corporate political action.