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korean management review - Vol. 54, No. 4

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korean management review - Vol. 54, No. 4, pp. 867-892
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2025
Received 12 Jan 2025 Revised 02 May 2025 Accepted 19 May 2025
DOI: https://doi.org/10.17287/kmr.2025.54.4.867
Aligning Signaling and Action: How LGBTQ Support on Social Media Enhances Corporate Innovation
Youngwook Shin ; Daeil Nam
(First Author) Korea University Business School (pou9171@naver.com)

(Corresponding Author) Korea University Business School (namdaeil@korea.ac.kr)

신호와 행동의 일치: 소셜 미디어에서의 LGBTQ 지지가 기업 혁신을 어떻게 향상시키는가
신영욱 ; 남대일

(주저자) 고려대학교 일반대학원 경영학과

(교신저자) 고려대 경영대학
Copyright 2025 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.


Funding Information ▼ Korea University

Abstract

As societal acceptance of LGBTQ rights grows, corporations face increasing pressure to reflect these evolving values, not only internally but also through public advocacy. Public support for LGBTQ inclusion can enhance a company's legitimacy and innovation by attracting diverse talent and fostering a supportive culture. However, merely expressing support without aligning internal policies may lead to perceptions of insincerity. This study investigates how corporate public support for LGBTQ inclusion affects corporate innovation and examines the moderating effect of internal LGBTQ policies on this relationship. Drawing on Legitimacy Theory, this research proposes that authentic consistency between external advocacy and internal practices strengthens stakeholder trust and enhances innovation outcomes. The study analyzes data from 472 companies listed in the 2021 Corporate Equality Index (CEI). It uses patent filings to measure innovation, the number of #LGBTQ tweets from official Twitter accounts for public support, and CEI scores for internal policies. The analysis confirms that public support for LGBTQ inclusion positively impacts corporate innovation. This effect is amplified when companies have robust internal LGBTQ policies. These findings highlight the importance of aligning public advocacy with internal practices to build trust, attract diverse talent, and foster an innovative organizational culture.


Keywords: Corporate Innovation, LGBTQ Inclusion, Authenticity, Legitimacy

Acknowledgments

This research is partially supported by Korea University Business School.

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∙The author Youngwook Shin is graduated from the Department of Public Administration and the Graduate Business School at Korea University. His main research interests include business strategy, organizational culture, CSR, and corporate innovation.

∙The author Daeil Nam is currently a Professor at Korea University Business School. He teaches courses in Strategic Management and Entrepreneurship and is the founding director of the Seung Myung-ho Center for Entrepreneurship Education. His primary research interests include business models, startups, IPOs, and innovation in large corporations. He is the author of 101 Business Model Stories and has received several academic awards, including the Maeil Economist Award and the Humax Emerging Scholar Award.