We study the external influence of social capital, measured by Facebook's (now Meta) Social Connectedness Index, on a firm's decision to adopt policies that promote a more diverse corporate environment. Recent studies find corporate policies that embrace sexual diversity are beneficial to firms and their stakeholders, thereby contributing to their corporate social responsibility (CSR) and business sustainability. We find that firms with a high social network centrality are more likely to adopt policies and business strategies that support sexual diversity. Moreover, firms that adopt good CSR practices are more likely to implement more inclusive policies such as sexual diversity policies. This provides for a more comfortable work environment for the LGBT+ community. However, we also find that firms reduce their adoption of inclusive policies during times of economic uncertainty, supporting the pessimistic view that firms decrease window dressing activities during economic downturns when governance is tightened, and resources are scarce. We attribute this phenomenon to the exploitation of agency benefits by managers.

中文翻译：

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社交网络中心性和企业环境：性别多元化政策案例

我们研究了社会资本对企业采取促进更加多元化的企业环境的政策的决定的外部影响，该影响通过 Facebook 的（现为元）社会联系指数来衡量。最近的研究发现，拥抱性别多样性的企业政策对企业及其利益相关者有利，从而有助于企业社会责任（CSR）和业务可持续发展。我们发现，社交网络中心度较高的公司更有可能采取支持性别多样性的政策和商业战略。此外，采用良好企业社会责任实践的公司更有可能实施更具包容性的政策，例如性别多元化政策。这为 LGBT+ 群体提供了更舒适的工作环境。然而，我们还发现，在经济不确定时期，企业减少了对包容性政策的采用，这支持了一种悲观观点，即在经济低迷时期，当治理收紧和资源稀缺时，企业会减少门面装饰活动。我们将这种现象归因于管理者对代理利益的利用。