George Floyd's murder caused many firms to reveal how exposed they are to racial diversity issues. We examine investor and firm behaviors after this socially significant event to provide evidence on the valuation effects of the exposure and ensuing corporate responses. We develop a text-based measure of a firm's exposure to racial diversity issues from conference call transcripts and find that, after the murder of George Floyd, firms with diversity exposure experience a stock price decrease of approximately 0.7% around the date of the conference call. We provide evidence that this effect is attributable to race-related exposure and not gender-related exposure. Initiatives taken by firms mitigate the negative market reaction. We document that firms with racial diversity exposure respond by appointing Black directors. The stock market views appointments of Black directors more favorably after George Floyd's murder, except when they are perceived as symbolic. We also find that firms with greater exposure to racial diversity are more likely to establish diversity, equity, and inclusion (DEI) departments, appoint DEI leaders, specify diversity goals, increase supply chain diversity, and donate to racial justice causes. Our paper provides evidence that exposure to racial diversity issues adversely affects firm value, and companies address the exposure by taking actions.

中文翻译：

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乔治·弗洛伊德 (George Floyd) 谋杀案后的种族多样性曝光和坚定回应

乔治·弗洛伊德 (George Floyd) 的谋杀案导致许多公司披露了他们在种族多样性问题上的暴露程度。我们检查了投资者和公司在这一具有重大社会意义的事件后的行为，以提供有关风险敞口的估值影响和随后的公司反应的证据。我们从电话会议记录中开发了一种基于文本的衡量公司对种族多样性问题的暴露程度的方法，发现在乔治·弗洛伊德 (George Floyd) 被谋杀后，具有多样性暴露的公司股价在电话会议前后下跌了约 0.7% . 我们提供的证据表明，这种影响可归因于与种族相关的暴露，而不是与性别相关的暴露。公司采取的举措减轻了负面的市场反应。我们记录了具有种族多样性风险的公司通过任命黑人董事来做出回应。在乔治·弗洛伊德 (George Floyd) 被谋杀后，股市更看好黑人董事的任命，除非他们被视为象征性的。我们还发现，与种族多样性接触更多的公司更有可能建立多样性、公平和包容 (DEI) 部门，任命 DEI 领导者，指定多样性目标，增加供应链多样性，并为种族正义事业捐款。我们的论文提供的证据表明，暴露于种族多样性问题会对公司价值产生不利影响，公司通过采取行动来解决这一问题。指定多样性目标，增加供应链多样性，并为种族正义事业捐款。我们的论文提供的证据表明，暴露于种族多样性问题会对公司价值产生不利影响，公司通过采取行动来解决这一问题。指定多样性目标，增加供应链多样性，并为种族正义事业捐款。我们的论文提供的证据表明，暴露于种族多样性问题会对公司价值产生不利影响，公司通过采取行动来解决这一问题。