{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,6]],"date-time":"2026-04-06T22:13:07Z","timestamp":1775513587846,"version":"3.50.1"},"reference-count":76,"publisher":"MDPI AG","issue":"12","license":[{"start":{"date-parts":[[2021,12,10]],"date-time":"2021-12-10T00:00:00Z","timestamp":1639094400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001871","name":"Funda\u00e7\u00e3o para a Ci\u00eancia e Tecnologia","doi-asserted-by":"publisher","award":["UID\/GES\/00315\/2013"],"award-info":[{"award-number":["UID\/GES\/00315\/2013"]}],"id":[{"id":"10.13039\/501100001871","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["JRFM"],"abstract":"<jats:p>Drawing on resource-based theory, we analyze the relationship between having LGBT executives in a firm\u2019s leadership positions and its value and financial performance. The existence of LGBT executives is considered to be associated with employee and customer goodwill towards LGBT-friendly policies and practices and to lead to human capital and reputational benefits. Our findings suggest that there is a positive effect of the presence of LBGT executives on a firm\u2019s value, both directly and indirectly, through its effect on the firm\u2019s financial performance. We interpret this as suggesting that besides the direct effect of the existence of LGBT executives on a firm\u2019s value, an indirect effect also exists, mediated through financial performance, presumably through the effect that this has on employee and customer goodwill towards LGBT-friendly policies and practices. As far as we are aware, our study is the first to examine the impacts of the presence of LGBT executives, as well as distinguish between its direct and indirect effects on firm value.<\/jats:p>","DOI":"10.3390\/jrfm14120596","type":"journal-article","created":{"date-parts":[[2021,12,13]],"date-time":"2021-12-13T01:29:33Z","timestamp":1639358973000},"page":"596","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":15,"title":["The Relationship between LGBT Executives and Firms\u2019 Value and Financial Performance"],"prefix":"10.3390","volume":"14","author":[{"given":"Isabel Costa","family":"Louren\u00e7o","sequence":"first","affiliation":[{"name":"Business Research Unit (BRU-IUL), Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL), 1649-026 Lisbon, Portugal"}]},{"given":"Donatella","family":"Di Marco","sequence":"additional","affiliation":[{"name":"Business Research Unit (BRU-IUL), Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL), 1649-026 Lisbon, Portugal"},{"name":"Department of Social Psychology, Universidad de Sevilla, 41004 Sevilla, Spain"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-3715-0881","authenticated-orcid":false,"given":"Manuel Castelo","family":"Branco","sequence":"additional","affiliation":[{"name":"Faculty of Economics, University of Porto, CEF.UP., OBEGEF, 4050-313 Porto, Portugal"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6202-6156","authenticated-orcid":false,"given":"Ana Isabel","family":"Lopes","sequence":"additional","affiliation":[{"name":"Business Research Unit (BRU-IUL), Instituto Universit\u00e1rio de Lisboa (ISCTE-IUL), 1649-026 Lisbon, Portugal"}]},{"given":"Raquel Wille","family":"Sarquis","sequence":"additional","affiliation":[{"name":"School of Economics, Business and Accounting, University of S\u00e3o Paulo (USP), S\u00e3o Paulo 13566-590, Brazil"}]},{"given":"Mark T.","family":"Soliman","sequence":"additional","affiliation":[{"name":"Marshall School of Business, University of Southern California, Los Angeles, CA 90089, USA"}]}],"member":"1968","published-online":{"date-parts":[[2021,12,10]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"291","DOI":"10.1016\/j.jfineco.2008.10.007","article-title":"Women in the boardroom and their impact on governance and performance","volume":"94","author":"Adams","year":"2009","journal-title":"Journal of Financial Economics"},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"210","DOI":"10.1016\/j.jcae.2016.09.001","article-title":"Board gender diversity and sustainability reporting quality","volume":"12","author":"Zaman","year":"2016","journal-title":"Journal of Contemporary Accounting & Economics"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"376","DOI":"10.1108\/SAMPJ-07-2015-0055","article-title":"Women on boards, sustainability reporting and firm performance","volume":"7","author":"Arayssi","year":"2016","journal-title":"Sustainability Accounting, Management and Policy Journal"},{"key":"ref_4","doi-asserted-by":"crossref","unstructured":"Arenas, Alicia, Marco, Donatela Di, Munduate, Lourdes, and Euwema, Martin C. 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