主要研究 今天

关注企业多样性, equity and inclusion (DEI) initiatives on social groups with perceived diminishing support during a U.S. 总统职位可以导致股票价格上涨, 根据永利app新版本官网地址的研究 彼得T. 保罗经济与商业学院.

在一个 研究 该研究将发表在11月的《永利app新版本官网地址》上。 Inchan金, 保罗学院工商管理助理教授, 和他的前研究助理，20岁的布兰登·麦克尼尔, researched the stock prices of financial services firms listed in the Fortune 1000 when they were supporting DEI initiatives for LGBT groups and military veterans during the presidencies of Barack Obama and Donald Trump.

The research found that DEI initiatives supporting LGBT groups corresponded with higher stock returns during Trump's presidency, 当时LGBT权利面临的支持和大胆的言论越来越少, 而不是奥巴马的总统任期, 当时同性恋权利得到了支持.

相反, 在奥巴马总统任期内，针对退伍军人的DEI计划产生了更高的股票回报, when the administration dealt with military budget cuts placed on them as part of a debt ceiling negotiation, 而不是在特朗普担任总统期间, 当时很多军事预算限制都被取消了.

DEI initiatives were identified through an analysis of tweets from financial services firms listed in the Fortune 1000. The researchers manually categorized these tweets and used artificial intelligence to zero in on DEI initiatives aimed at veterans and LGBT groups. Cumulative abnormal returns (CARs) were calculated to gauge the influence of DEI initiatives on stock prices, 考虑到与dei相关的推文发布的不同时间窗口.

Kim hypothesized going into the 研究 that DEI initiatives targeted at groups could lead to higher stock prices during a presidency when that group faces increased political opposition compared to periods when they enjoy political support.

我心想, 在一般情况下, 人是善良的, and I was sure that people tend to like companies that take care of those vulnerable groups, 尤其是当他们的自由被破坏的时候,金说。.   

然而, what was surprising was that DEI initiatives aimed at LGBT groups during the Obama administration resulted in negative stock prices for companies, while DEI for veterans during the Trump administration resulted in little stock price change.

“我所期望的是在支持政府期间不会有股票变动, but we found that DEI for LGBT resulted in negative reactions to stock prices during the Obama administration, 哪个政府是支持性的,金说。.

Kim theorized that DEI initiatives focused on veterans may be easier for companies to justify at any time, 但对一些人来说，支持LGBT群体仍然是一个非常两极分化的问题, 导致公司在支持方面更具战略性.

Under Obama’s administration, companies with DEI for veterans saw their stocks increase by 0.而为LGBT群体提供DEI的公司的股票则下降了0.65%.34%，根据这项研究. Under Trump’s administration, companies with DEI for veterans saw their stocks increase by 0.而为LGBT群体提供DEI的公司的股票增长了0.9%.24%.

整体, the stock price increase for companies with DEI initiatives focused on veterans during Obama's presidency was 0.比特朗普担任总统期间高出56个百分点, while the stock price increase for companies with DEI initiatives focused on LGBT groups during Trump's presidency was 0.研究显示，这一比例比奥巴马担任总统期间高出58个百分点.

Some examples of DEI initiatives for veterans included donations to veteran groups and veteran hiring initiatives. Initiatives focused on LGBT groups included companies voicing public statements of support on LGBT-related issues and highlighting initiatives aimed at creating an inclusive workforce.

The Obama and Trump administrations were chosen for the 研究 because they represented opposite political ideologies. 这项研究考虑了一个狭窄的时间框架, focusing on the last 500 days of Obama's presidency and the first 500 days of Trump's presidency to mitigate potential confounding variables.

Kim conducted the 研究 to encourage businesses to participate in DEI initiatives while showing when they can be the most effective.

“I’m interested in how to encourage companies to do the right thing and as we know it’s a capitalist society and one of the best ways to encourage companies to do the right thing is to demonstrate how their socially responsible actions matter financially,金说。. “毕竟, 公司对股东和利益相关者负有信托责任, 他们的资源是有限的, 所以他们需要以一种不浪费的方式使用他们的资源.”

Companies should continue to invest in DEI initiatives but should also be aware of which social groups are perceived to lack political support, 据Kim说.

“不参与社会责任问题，企业就无法蓬勃发展, 我认为他们必须聪明一点. 如果他们不这样做，他们可能会面临竞争劣势，”Kim说. 根据这些发现, companies that help social groups when their liberties are under attack can get rewarded financially in stock prices, 但了解DEI何时不能帮助他们的财务状况也很有用.”

Future research in this area could explore smaller firms and other industries, 据Kim说. Kim is also interested in 研究ing how leading companies engage in DEI initiatives to identify trends other companies could follow.