What the Smart Money Says About Black CEOs
Investors’ reactions to an executive appointment often reflect negative bias, while institutional investors take a more positive view.
When any public company announces a new CEO, the board braces itself for investors’ reactions as they manifest in decreases or increases in share price. Investors are a highly salient stakeholder group whose responses to the appointment of chief executives, especially racial minorities, are highly anticipated and undoubtedly influence who is selected. But how much should their prospective reactions matter when a board is leaning toward selecting a Black candidate for the CEO ...
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