| dc.description.abstract | This study examines the relationship between whether a CEO is foreign-born or female
and a series of organizational outcomes, including LGBT-friendly human resources
policies and firm financial performance. For the empirical analysis I use a rich
longitudinal data on the companies that are listed in Fortune 500 list and have scored
on corporate equality index list over a 10-year period. Corporate equality index is used
as proxy for LGBT-friendly human resources policies, ROA and Tobin’s Q are used as
proxies for firm financial performance.
The empirical analysis applies ordinary least square regressions and fixed effects
regressions. I find a positive correlation between foreign-born CEOs/female CEOs and
firm’s corporate equality index score. This association disappears, however, once I
control for unobserved firm-specific characteristics. I further find that the interaction
between female CEOs and organization’s mimetic behavior is contribute to the
advancement of LGBT-friendly human resources policies. In addition to LGBT-friendly
human resources policies, my findings suggest that being a foreign-born CEO or not is
positively correlated to firm’s Tobin’s Q, the positive correlation disappears after
controlling for firm fixed effects. In my sample, I don’t observe a significant positive
correlation between female CEOs and firm performance. Finally, my findings suggest
that the interaction between foreign-born CEOs and firm internationalization strategy
has significant positive effect on firm’s ROA. | nb_NO |
