Employment Nondiscrimination Acts and Corporate Social Responsibility
39 Pages Posted: 2 Jun 2023 Last revised: 27 Jul 2023
Xin Chang
Nanyang Business School, Nanyang Technological University
Yaling Jin
Southwestern University of Finance and Economics
Endong Yang
University of Macau - Department of Finance and Business Economics; University of Macau - Asia-Pacific Academy of Economics and Management
Wenrui Zhang
Colorado State University, Fort Collins - Department of Finance & Real Estate
Date Written: May 31, 2023
Abstract
The paper shows that US state-level employment nondiscrimination acts (ENDAs) protecting the equal treatment of LGBTs in the workplace have a spillover effect on firms’ non-diversity corporate social responsibility (CSR) performance. We find that product market competition plays an important role in shaping the ENDA-CSR relation, suggesting that firms proactively improve non-diversity CSR performance after ENDA enactments level the playing field of diversity. This positive effect is also more pronounced for firms with greater financial strengths, greater visibility and more socially responsible institutional investor ownership. Overall, our findings shed light on how public policies aimed at equal treatment of a particular group of employees can affect CSR policies related to other stakeholders.
Keywords: Employment Nondiscrimination Acts, Corporate Social Responsibility, Employee Treatment, Environmental Protection, Market Competition
JEL Classification: J15, M14, M14
Suggested Citation: Suggested Citation
Xin Chang (Contact Author)
Nanyang Business School, Nanyang Technological University ( email )
Singapore, 639798
Singapore
HOME PAGE: https://personal.ntu.edu.sg/changxin/
Yaling Jin
Southwestern University of Finance and Economics ( email )
Chengdu
China
Endong Yang
University of Macau - Department of Finance and Business Economics ( email )
Avenida da Universidade
Taipa
Macau, 000000
Macau
University of Macau - Asia-Pacific Academy of Economics and Management ( email )
Macau
Macau
Wenrui Zhang
Colorado State University, Fort Collins - Department of Finance & Real Estate ( email )
Fort Collins, CO 80523
United States
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