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This study builds on recent research on Black CEO appointments by juxtaposing a pessimistic view, whereby discrimination leads to negative market responses, and an optimistic view, where accumulated human and social capital held by appointees overcomes prejudices, leading to positive market responses. As an influential firm shareholder, we focus on the institutional owner buy/sell behavior around CEO succession announcements. We hypothesize that their fiduciary responsibilities and interpretation of public and privileged information lead to more positive market responses for Black CEOs with high levels of human and social capital. Using a matched sample of 104 Black and non-Black CEO appointments from 1997 to 2022, we find an appointed Black CEO's accumulated human and social capital positively moderates the relationship between their announcement and institutional owner buy/sell behavior. Our findings support the optimistic view and contribute to the literature that addresses minority representation in the upper echelons. Keywords: minority CEOs, institutional owners, human capital, social capital [ABSTRACT FROM AUTHOR]

Research on diversity, equity, and inclusion has expanded rapidly over the past decade or so. This symposium makes note of that expansion by considering existing definitions (and related epistemologies) of diversity and presenting novel research in some key areas of the diversity literature. We do so by presenting a literary review of diversity definitions and new research on effects of diversity, equity, and inclusion definitions and processes on leadership, diversity climate and constituent attachment, and stereotype threat in pre- and post-selection situations. The Meaning of Diversity: A Review of Diversity Conceptualizations by Level of Analysis Author: Sabrina DeeAnn Volpone; U. of Colorado, Boulder Author: Tiffany Trzebiatowski; Colorado State U. Black, White, And Shades of Gray: How Leader Race Influences Firm Valuation Author: Derek R. Avery; U. of Houston Author: Enrica Nicole Ruggs; U. of Houston Author: Larissa R. Garcia; U. of Houston Author: Horatio Traylor; U. of Houston Author: Kristi Hatter; U. of Houston Author: Tiffany Lilly Owens; - The Asymmetric Stereotype Threat Cognitions Model Author: Lars Uriah Johnson; U. of Texas At Arlington Author: Aylime Bueno; - Author: Dustin Maneethai; U. of Houston Author: GABRIELA GUZMAN; U. of Texas At Arlington Together, We Stay: Constituent Attachment as a Predictor of Turnover Author: Phillip M. Jolly; Pennsylvania State U. Author: Lars Uriah Johnson; U. of Texas At Arlington Author: Michael J. Tews; Pennsylvania State U. [ABSTRACT FROM AUTHOR]