During the revelation of the Harvey Weinstein scandal and the reemergence of the #MeToo movement, firms with a nonsexist corporate culture, proxied by having women among the five highest-paid executives, earn excess returns of 1.3% relative to firms without female top executives. These returns are driven by changes in investor preferences toward firms with a nonsexist culture. Institutional ownership increases in firms with a nonsexist culture after the Weinstein/#MeToo events, particularly for investors with larger holdings and investors with a lower ESG focus ex ante. Firms without female top executives improve gender diversity after these events, particularly in more sexist states and in industries with few women executives. Our evidence attests to the value of having a nonsexist corporate culture and indicates that changes in societal norms toward women are permeating into capital markets and corporations.

中文翻译：

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性别歧视、文化和企业价值：来自哈维·韦恩斯坦丑闻和 #MeToo 运动的证据


在哈维·韦恩斯坦 （Harvey Weinstein） 丑闻曝光和 #MeToo 运动重新兴起期间，具有非性别歧视企业文化的公司，以女性为代表，薪酬最高的五名高管，相对于没有女性高管的公司，获得了 1.3% 的超额回报。这些回报是由投资者对具有非性别歧视文化的公司偏好的变化驱动的。在 Weinstein/#MeToo 事件之后，具有非性别歧视文化的公司机构所有权增加，特别是对于持有大量股份的投资者和事前对 ESG 关注度较低的投资者。在这些事件发生后，没有女性高管的公司会提高性别多样性，尤其是在性别歧视较多的州和女性高管较少的行业。我们的证据证明了拥有无性别歧视的企业文化的价值，并表明对女性的社会规范的变化正在渗透到资本市场和公司中。