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Noteworthy diversity efforts and financial performance: Evidence from DiversityInc's top 50
Advances in Accounting Pub Date : 2021-04-27 , DOI: 10.1016/j.adiac.2021.100528
Benjamin P. Foster , Andrew Manikas , Dianna Preece , James R. Kroes

This study provides evidence that diversity efforts are associated with improved organizational performance. We explore the benefits of diversity by analyzing long-term shareholder value (Tobin's q) and short-term performance (return on assets) of companies cited for being leaders in the area of diversity. Tobin's q is significantly higher for companies included on the DiversityInc Top 50 list than other companies, implying that diversity efforts increase long-term shareholder value. Companies on a DiversityInc list also have significantly better short-term financial performance, return on assets, than similar companies in their industry. We also conduct a Granger causation analysis, and the results are consistent with our interpretation that appearance on the DiversityInc list increases Tobin's q. Our study contributes to the literature by comparing companies notably recognized for diversity efforts to companies not recognized, and examining the long-term benefits of those efforts.



中文翻译:

值得注意的多元化工作和财务绩效:来自多样性公司前50名的证据

这项研究提供的证据表明,多元化努力与提高组织绩效有关。我们通过分析被认为是多元化领域领导者的公司的长期股东价值(托宾 q)和短期业绩(资产回报率)来探索多元化的好处。对于DiversityInc前 50 强名单中的公司,托宾的 q 值明显高于其他公司,这意味着多元化努力会增加长期股东价值。DiversityInc名单上的公司的短期财务业绩、资产回报率也明显优于其行业中的类似公司。我们还进行了格兰杰因果分析,结果与我们的解释一致,即出现在DiversityInc列表增加了托宾的 q。我们的研究通过比较因多元化努力而获得显着认可的公司与未被认可的公司,并检查这些努力的长期收益,从而为文献做出贡献。

更新日期:2021-05-28
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