Gender, culture, and firm value: evidence from the Harvey Weinstein scandal and the #MeToo movement



Publishing details

Social Sciences Research Network

Authors / Editors

Lins K; Roth L; Servaes H; Tamayo A


Publication Year



During the revelation of the Weinstein scandal and the emergence of the #MeToo movement, firms with a corporate culture that does not discriminate on the basis of sex, proxied by having women among the five highest paid executives, earn excess returns of 1.6%. These returns are followed by positive revisions in analyst earnings forecasts. The returns increase to 3.2% in industries with few women executives, and 2.1% and 2.7% for firms headquartered in states with high levels of sexism and a high gender pay gap, respectively. Firms in industries with more women in executive positions and headquartered in states with low levels of sexism or a low gender pay gap also earn positive abnormal returns during this period. Our evidence attests to the value of having a non-sexist culture.

Publication Notes

Corporate culture; Top executive; Gender; Societal culture; Firm value; #MeToo


Social Sciences Research Network