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Why Corporate America Seems to Drift Away from Republicans

Public protests against Georgia’s voting law may have helped many companies take a strong position. AP Photo / Jeff Amy There is an increasing rift between the two long-time Bedfellow groups, the US and Republicans. Recent cases have involved restrictive voting legislation passed in Georgia, and dozens of other states are working on their own measures aimed at restricting voting. While Major League Baseball has moved the All-Star game from Atlanta to Denver, more than 300 companies, CEOs and other executives have printed a statement in the New York Times that they “defend voting rights and oppose discriminatory legislation.” Signed. Republicans have reacted fiercely and warned of retaliation, including removing tax deductions for companies facing the issue. The Governor of Texas has stopped throwing the opening ceremony at the Texas Rangers home opener. And Senate minority leader Mitch McConnell frankly warned businesses to “get away from politics,” but he later softened his tone. Meanwhile, Democrats are trying to take advantage of destruction. As a professor of business administration, I am studying how the values ​​and political views of business owners influence the decisions that represent a company. I believe the CEO is partially responsible for the division of growing businesses and GOPs, but that’s not the only factor driving it. The close relationship between the United States and the Republican Party, a company with loose ties, dates back to the 1970s. Companies provided financial support to the treasure chest of conservative wars, and in return received business-friendly policies such as corporate tax and regulatory cuts. This alliance has undoubtedly been quite successful for large companies. Corporate tax accounts for only about 1% of US gross domestic product, the lowest since the 1930s, down from 4.1% in 1967. However, the union has become increasingly nervous in recent years on a variety of social issues, especially LGBTQ rights. .. For example, in 2015, many companies, including Apple and Walmart, blamed so-called religious freedom laws that allowed companies to discriminate against LGBTQ customers, such as those passed in Indiana. The following year, there was a similar corporate backlash against North Carolina’s ban on transgender individuals using public toilets. Boycotts by several companies, including PayPal and NCAA, led to a partial abolition in 2017. Also, former President Donald Trump has banned travel from the majority of Muslim countries and Charlottesville, Virginia. For some, the role he and other Republicans played in laying the groundwork for January 6, 2021 was the last straw, as dozens of companies, including AT & T and Marriott, said they would cut off donations. It looked like it was. To 147 Republicans who voted against President Joe Biden’s election recognition. The promotion of more restrictive voter law continues to fight for elections. Republicans across the state say they were suspected of fraud in the 2020 elections, but there is no evidence that nothing happened, but they cite it as the impetus behind their promotion. Why are companies more candid in recent years and willing to confuse the alliance that helped them reduce their tax bills and regulatory hurdles? According to my research, this trend has three impetus. Bank of America CEO Brian Moynahan (left) said businesses need to “do the right thing.” Lauren Matthew / AP Image for Bloomberg Global Business Forum CEO The CEO who does “what we think is right” is the company’s top decision-maker, and his or her political tendencies filter business decisions. It means that you can call. And in recent years, CEOs of major US companies have cited their personal values ​​as a reason to speak out about social issues. As Bank of America CEO Brian Moynahan told The Wall Street Journal in 2016, “Our job as CEO now involves promoting what we think is right.” In my own research, I found that the CEO’s party could influence how companies spend their money. CEOs who donate primarily to the Democratic Party tend to spend more on their employees, community activities, and environmental issues, regardless of the company’s profitability. So they seem to believe it’s just the right thing to do. Republican CEOs, on the other hand, tend to link spending on external issues to their financial performance, reflecting the idea that companies are primarily responsible for their shareholders. Recent research shows that liberal managers tend to pay attention to gender diversity within the enterprise, which may reduce the workforce when economic conditions deteriorate, in line with liberal’s priorities. It is also shown to be low. However, the impact of CEOs on this trend can be limited, as a relatively small number of CEOs are resolutely liberal. According to a recent survey, of the more than 3,500 people who were CEOs of companies at Standard & Poor’s 1500 between 2000 and 2017, about 18% donated primarily to Democratic candidates, compared to 58%. Mainly donated to Republicans. Workers’ Behavioral Growth Employees also play an important role in driving corporate activities. According to a recent business survey, companies with more liberal employees are spending more resources on improving gender and racial diversity and sustainability issues. Similarly, according to a 2019 survey, companies may recognize activist demands on issues such as reducing carbon emissions and raising wages for front-line workers if they have a more liberal workforce. Turned out to be high. Companies may be responding to surveys that listen to employees and show the benefits of showing that voice is important. For example, workers tend to show more trust and commitment to the company when they feel that the company shares their values, which leads to increased productivity. According to a 2017 survey, 89% of employees say they accept a pay cut to work for a company that matches their values. According to other surveys, involvement in social activities such as environmental protection leads to lower employee turnover. My own research, which tracked companies’ involvement in the issue of same-sex marriage in the 2000s and 2010s, found that as more employees donated to the Democratic Party, the CEO was much more likely to speak about same-sex marriage. It was. This is true even if the CEO leans conservatively. Public Opinion Pursuit Public opinion is another factor that is likely to help widen the rift with the Republicans. Executives tend to follow public opinion because they want to minimize the risk of losing customers with their products and services. The debate over same-sex marriage is a good example. Public support for allowing gay people to marry exceeded 50% for the first time in 2011 and is now 67%. Until then, according to my same-sex marriage survey, few CEOs spoke publicly on this issue. But when public opinion reaches a midpoint, more and more companies, including those led by conservative CEOs, begin to voice their support. Interestingly, even liberal CEOs made little to say until 2011, including those who have already provided employees with cohabitation partner benefits. And nowadays, it’s even more important for companies to consider public opinion when deciding whether to tackle the hot button issue. That’s because younger customers, especially millennials, are increasingly saying that the CEO is responsible for speaking and is more likely to buy the product. As for voting law, recent polls have shown that most people favor a law that makes voting easier rather than harder. [Get the best of The Conversation, every weekend. Sign up for our weekly newsletter.] Who is leaving who, however, the corporate America is not necessarily heading from the Republican Party to the Democratic Party. Instead, companies are trying to reveal that their concerns are not partisan in nature. More than 100 companies have signed a statement that supports voters’ rights and opposes legislation that restricts access, emphasizing this point. A closer look at the three main factors behind the growth of corporate activity, especially the roles of workers and the general public, suggests something else. The company is not far from the Republican Party. Rather, Republicans seem to be drifting not only from American businesses but also from Americans. This article has been republished by The Conversation, a non-profit news site aimed at sharing ideas from academic experts. It was written by MK Chin of Indiana University. Read more: MLB’s decision to resign from Atlanta highlights what economic powers can exercise against lawmakers – if they choose, a smaller version of trumpism may be the future of the Republican Party. It is from a company or organization that benefits from the article and does not disclose any relevant alliances beyond its academic appointment.