Investor reactions to diversity reputation signals

被引：19

作者：

McMillan-Capehart A. ^{[1
]}

Aaron J.R. ^{[1
]}

Cline B.N. ^{[2
]}

机构：

[1] Department of Management, East Carolina University, Greenville, NC

[2] School of Accounting and Finance, Clemson University, Clemson, SC

来源：

Corporate Reputation Review | 2010年 / 13卷 / 3期

关键词：

diversity; investor behavior; reputation; signaling theory; social performance; stock value;

D O I：

10.1057/crr.2010.20

中图分类号：

学科分类号：

摘要：

The present research study provides new evidence regarding the nature of investor reactions to signals of a reputation for diversity. Employing event study methodology, we track returns for firms listed on DiversityInc.'s Top 50 Companies for Diversity over a five-year period. We find support for our hypothesis that the market will respond positively to the announcement of a firm's inclusion on the list. Counter to our second hypothesis, we find that market reaction is more positive for manufacturing firms than for service firms. This study provides practical evidence that a firm's investment in diversity and quality diversity management techniques will be recognized and rewarded by the market. In addition, we have added to the current literature by examining one specific component of social performance (diversity management) and its relationship with market valuation in an effort to better understand the construct as a whole. © 2010 Macmillan Publishers Ltd.

引用

页码：184 / 197

页数：13

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