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1 |  | Business Case Tracker for Diversity in the Workplace | ||||||||||||||||||||||||||||||||
2 | This document tracks research and reports on the business case for diversity in the workplace. It has a focus on gender diversity, but also examines research on ethnic diversity and diversity more broadly. There is a second tab that tracks research with inconclusive or negative findings related to the business case. If we are missing any research or reports, please email the Center for Equity, Gender & Leadership (EGAL) with the names of those studies / reports at genevieve.smith@haas.berkeley.edu. | |||||||||||||||||||||||||||||||||
3 | [Last updated May 2019] | |||||||||||||||||||||||||||||||||
4 | Title of resource | About (methodology / approach for study) | Key finding(s) | Type of identity (e.g., gender, ethnicity, etc.) | Type of resource | Business value category | Reasoning behind key findings | Domain | Author(s) | Organization | Year | Keywords | Location | Industry | Firm size | Primary or secondary research? | Peer reviewed? | Link | ||||||||||||||||
5 | Business Culture & Practice: As A Driver For Gender Equality & Women’s Economic Empowerment | This 2016 report summarizes desk review findings, as well as analysis and recommendations from the UN Secretary General’s High-Level Panel on women’s economic empowerment. The authors discuss the financial effects of women in corporate management roles. | The report summarizes research demonstrating the business case, including how businesses with more women in top leadership and board positions enjoy stronger financial performance. For example, a 2016 IMF study finds that each additional woman in a corporate senior management position is correlated with an ROA increase of 8 to 13 basis points. In addition, a 2016 Credit Suisse analysis finds companies in the top 25% for gender diversity are 15% more likely to possess financial returns above national industry means. | Gender | Report | financial performance (ROA) | Unknown | Senior management & leadership | Tyson, Laura; Klugman, Jeni; Smith, Genevieve | UN Secretary-General’s High-Level Panel on Women’s Economic Empowerment | 2016 | women's economic empowerment, ROA, female leader | Global | N/A | Large | Secondary | No | www.empowerwomen.org/-/media/files/un%20women/empowerwomen/resources/hlp%20briefs/business%20policy%20brief_v2.pdf?la=en | ||||||||||||||||
6 | The CS Gender 3000: The Reward For Change | The 2016 version of Credit Suisse’s “The CS Gender 3000: The Reward For Change” continues to establish the link between gender diversity and business financial performance by analyzing over 3,000 global companies. As part of their research, the authors studied the connection between the appointment of female CEOs and changes in the corresponding companies’ ROAs | When adjusted between sectors, the study found that ROAs decrease 12% at firms where the replacement CEO is male but the ROA compression is 16% over the preceding year when the position is given to a female leader. | Gender | Article | financial performance (ROA) | Unknown | Senior management & leadership | Dawson, Julia | Credit Suisse | 2016 | ROA, female leader | Global | N/A | Large | Primary | No | evolveetfs.com/wp-content/uploads/2017/08/Credit-Suisse-Reward-for-Change_1495660293279_2.pdf | ||||||||||||||||
7 | The Bottom Line: Corporate Performance And Women’s Representation On Boards (2004-2008) | Catalyst’s report analyzes the correlation between women’s board representation and corporate performance from 2004 to 2008. The analysis utilizes gender data from Catalyst’s annual Fortune 500 Census of Women Board Directors report from 2005 to 2009; it focuses on specific financial measures, including ROS, ROIC, and ROE. | In regards to ROE, the report shows that companies with 3 or more women board directors for at least 4 years outperformed companies without women board directors by 46%. | Gender | Report | financial performance (ROE) | Unknown | Board of Directors | Carter, Nancy M., and Harvey M. Wagner | Catalyst | 2011 | ROE | USA (Fortune 500) | Across | Large | Primary | No | https://www.catalyst.org/research/the-bottom-line-corporate-performance-and-womens-representation-on-boards-2004-2008/ | ||||||||||||||||
8 | Why Diversity and Inclusion Matter: A Quick Take | Catalyst’s Information Center published this report to summarize recent data from industry leaders in order to build a business case for diversity and inclusion. | One of their sources includes a McKinsey diversity report that measured the “organizational excellence” (using nine criteria) of companies across Asia, Europe, and North America; the research found that 89 European companies with the highest number of female senior leadership individuals - including 2 or more female individuals on their board - outperformed the Stoxx Europe 600 industry ROE averages by 10%. Another source of the report’s data was Catalyst’s 2004 research, which established that companies with the highest female representation had approximately 35% higher ROE values. | Gender | Report | financial performance (ROE) | Measurement of organizational excellence | Senior management & leadership; Board of Directors; Employees | Troiano, Emily V | Catalyst | 2013 | ROE | Asia, Europe, and North America | N/A | Large | Secondary | No | www.catalyst.org/system/files/why_diversity_matters_catalyst_0.pdf | ||||||||||||||||
9 | Is There A Payoff From Top-Team Diversity? | The authors looked at the executive board composition, returns on equity (ROE), and margins on earnings before interest and taxes (EBIT) of 180 publicly traded companies in France, Germany, the United Kingdom, and the United States over the period from 2008 to 2010. To score a company’s diversity, we focused on two groups that can be measured objectively from company data: women and foreign nationals on senior teams (the latter being a proxy for cultural diversity). | The findings were startlingly consistent: for companies ranking in the top quartile of executive-board diversity, ROEs were 53 percent higher, on average, than they were for those in the bottom quartile. At the same time, EBIT margins at the most diverse companies were 14 percent higher, on average, than those of the least diverse companies. The results were similar across all but one of the countries we studied; an exception was ROE performance in France; but even there, EBIT was 50 percent higher for diverse companies. | Gender, Diversity | Article | financial performance (ROE, EBIT) | Unknown | Board of Directors | Barta, Thomas, et al | McKinsey & Company | 2012 | ROE, top-team diversity, foreign nationals | France, Germany, UK, USA | Across | Large (publicly traded) | Primary | No | https://www.mckinsey.com/business-functions/organization/our-insights/is-there-a-payoff-from-top-team-diversity | ||||||||||||||||
10 | Why It Pays to Invest in Gender Diversity | Morgan Stanley published this article to summarize the analysis in their research report “Putting Gender Diversity to Work: Better Fundamentals, Less Volatility,” which utilizes data found by Morgan Stanley Chief U.S. Equity Strategist Adam Parker and his team. | Companies with increased gender diversity outperformed similar companies with low diversity for the past 5 years, including a higher ROE and reduced ROE volatility. | Gender | Article | financial performance (ROE) | Unknown | Employees | Morgan Stanley | 2016 | ROE, reduced ROE volatility, | Large | Secondary | No | https://www.morganstanley.com/ideas/gender-diversity-investment-framework | |||||||||||||||||||
11 | Why Gender Diversity May Lead to Better Returns for Investors | The article utilized Morgan Stanley research conducted in 2016 | A more-female workforce is correlated with higher average returns. When the quantitative team looked at companies based on their percentage of female employees and other metrics of gender diversity, the top third experienced 2% higher average relative returns than other companies in their region. Over a six-year period, companies with more gender diversity enjoyed a one-year return on equity that was 1.1% better than companies with low female representation. Evidence has linked gender diversity to lower return-on-equity volatility, too. Why this is the case the author links to several potential reasons: higher employee satisfaction / employee engagement, better recruiting, innovation, appealing to a more diverse customer base, reduced reputational risk. | Gender | Article | financial performance (ROE) | Correlation with potential reasons highlighted: higher employee satisfaction / employee engagement, better recruiting, innovation, appealing to a more diverse customer base, reduced reputational risk | Employees | Trager, Lily | Morgan Stanley | 2019 | ROE, innovation, employee satisfaction, investors, risk | Unknown | Unknown | Unknown | Primary | No | https://www.morganstanley.com/access/gender-diversity | ||||||||||||||||
12 | The Bottom Line: Corporate Performance And Women’s Representation On Boards (2004-2008) | Catalyst’s report analyzes the correlation between women’s board representation and corporate performance from 2004 to 2008. The analysis utilizes gender data from Catalyst’s annual Fortune 500 Census of Women Board Directors report from 2005 to 2009; it focuses on specific financial measures, including ROS, ROIC, and ROE. | In regards to ROS, the report shows that companies with the most women board directors outperformed companies with the least board directors by 16%. In addition, the report found that companies with 3 or more women board directors for at least 4 years outperformed companies without female board directors by a 84% increase in ROS. | Gender | Report | financial performance (ROS) | Unknown | Board of Directors | Carter, Nancy M., and Harvey M. Wagner | Catalyst | 2011 | ROS, board, women's board representation | USA (Fortune 500) | Across - Fortune 500 | Large | Primary | No | www.catalyst.org/system/files/the_bottom_line_corporate_performance_and_women%27s_representation_on_boards_%282004-2008%29.pdf | ||||||||||||||||
13 | Inclusion Is No Longer Just A ‘Nice To Have’, It’s A Business Essential | SSE’s article discusses its work with Equal Approach, a firm that works with inclusion experts in the US and UK to create a tool to quantify ROI by considering 100+ business performance elements. | Equal Approach's work with SSE - a Scottish energy company - shows that SSE has progressed tremendously on its female focused goals compared to other energy providers. For example, SSE achieved a £4.52 ROI for every £1 invested in gender diversity initiatives and £15 ROI for every £1 invested in wider inclusion initiatives. | Gender | Article | financial performance (ROI) | Unknown | Employees | Milman-Hurst, Dawn | SSE | 2017 | ROI, gender diversity initiatives | Scotland | Energy | Large | Primary | No | https://www.sse.com/news-and-views/2017/09/inclusion-is-no-longer-just-a-nice-to-have-it-s-a-business-essential/ | ||||||||||||||||
14 | The Bottom Line: Corporate Performance And Women’s Representation On Boards (2004-2008) | Catalyst’s report analyzes the correlation between women’s board representation and corporate performance from 2004 to 2008. The analysis utilizes gender data from Catalyst’s annual Fortune 500 Census of Women Board Directors report from 2005 to 2009; it focuses on specific financial measures, including ROS, ROIC, and ROE. | In regards to ROIC, the report shows that companies with the most women board directors outperformed companies with the least board directors by 26%. In addition, the report found that companies with 3 or more women board directors for at least 4 years outperformed companies without female board directors by a 60% increase in ROS. | Gender | Report | financial performance (ROIC, ROS) | Unknown | Board of Directors | Carter, Nancy M., and Harvey M. Wagner | Catalyst | 2011 | ROIC, ROS, women board directors | USA (Fortune 500) | Across - Fortune 500 | Large | Primary | No | www.catalyst.org/system/files/the_bottom_line_corporate_performance_and_women%27s_representation_on_boards_%282004-2008%29.pdf | ||||||||||||||||
15 | Returns At Hedge Funds Run By Women Beat The Industry, Report Says | This New York Times article summarizes the findings from a hedge fund industry analysis report. | An index from professional services firm Rothstein Kass - which is based on 67 hedge funds with female managers or owners - found that female hedge fund managers delivered a 8.95% return through the third quarter of 2012. In comparison, Hedge Fund Research’s HFRX Global Hedge Fund Index had a 2.69% net return through September of the same year. The report discusses that female financiers have been successful potentially due to their generally risk averse behavior that contributes to lower volatility. | Gender | Article | financial performance (investment) | Discussithat female financiers have been successful due to their generally risk averse behavior that contributes to lower volatility | Senior management & leadership | Alden, William | The New York Times | 2013 | financial returns, hedge fund, investing | N/A | Finance / investing | N/A | Secondary | No | dealbook.nytimes.com/2013/01/10/returns-at-hedge-funds-run-by-women-beat-the-industry-report-says/ | ||||||||||||||||
16 | Women in Alternative Investments: A Marathon, Not a Sprint | Rothstein Kass conducted a survey in 2013 over 5 weeks of 440 senior women in the alternative investment industry. They then summarized and analyzed. responses from surveys. | For the 6.5 years ending June 2013, the Rothstein Kass Women in Alternative Investments (WAI) Hedge Fund Index returned 6 percent, while the S&P 500 gained 4.2 percent and the HFRX Global Hedge Fund Index dropped -1.1 percent during the same period. Although performance comparisons are more difficult in the private equity space, a small sample of women-owned or -managed private equity funds reported net returns of14.8% in 2012, topping the Cambridge Associates LLC U.S. Private Equity Index® return of 13.8 percent. | Gender | Report | financial performance (investment) | Studies have shown that women trade less, are less apt to market time and have less ego involved in their investments than their male counterparts. The result is less performance slippage from frequent trades, a diminished tendency to sell at the bottom and a more consistent application of their strategies. Over time, this can add up to a meaningful and persistent performance differential. | Senior management & leadership | Rothstein Kass Institute | Rothstein Kass Institute | 2013 | financial returns, hedge fund, investing | N/A | Finance / investing | N/A | Primary | No | https://txwsw.com/wp-content/uploads/RKWomeninAlternativeInvestments1.14F.pdf | ||||||||||||||||
17 | Women Hedge Fund Managers Outpace Male Rivals, Again: Study | Reuters’ article analyzes the connection between female hedge fund managers and strong financial performance. | Female-managed hedge funds globally had a return of 6% from January 2007 to June 2013, which outperformed Standard & Poor’s 500 index 4.2% and HFRX’s 1.1% loss gain during the same period of time. | Gender | Article | financial performance (investment) | Unknown | Senior management & leadership, management | Herbst-Bayliss, Svea | Reuters | 2014 | financial returns, hedge fund, investing | Global | Finance / investing | N/A | Primary | No | www.reuters.com/article/us-hedgefunds-women-idUSBREA0E07K20140115 | ||||||||||||||||
18 | Business Culture & Practice As A Driver For Gender Equality & Women’s Economic Empowerment | This 2016 report summarizes desk review findings, as well as analysis and recommendations from the UN Secretary General’s High-Level Panel on women’s economic empowerment. The authors discuss the financial effects of women in corporate management roles. | Companies in the top 25% for gender diversity are 15% more likely to possess financial returns above national industry means. In addition, the report cites the 2016 Credit Suisse "CS Gender 3000: Progress in the Boardroom” bi-annual report that found companies with at least 1 women board director possessed a 3.5% compound excess return per annum since 2005 compared to firms with all-male corporate boards. | Gender | Report | financial performance | Unknown | Board of Directors, employees | Tyson, Laura; Klugman, Jeni; Smith, Genevieve | UN Secretary-General’s High-Level Panel on Women’s Economic Empowerment | 2016 | women's economic empowerment, ROA, female leader | Global | N/A | Large | Secondary | No | www.empowerwomen.org/-/media/files/un%20women/empowerwomen/resources/hlp%20briefs/business%20policy%20brief_v2.pdf?la=en | ||||||||||||||||
19 | Why Diversity Matters | Catalyst’s Information Center published this report to summarize recent data from industry leaders in order to build a business case for diversity and inclusion. The report cites a paper titled “Gender Diversity in Corporate Governance and Top Management” from the Journal of Business Ethics, which conducted research on large U.S. and Canadian companies. | The report cited found that companies with a high proportion of women officers generated a 6% overall return over 3 years compared to companies with a lower proportion of female officers. | Gender | Report | financial performance | Unknown | Senior management & leadership, management | Troiano, Emily V | Catalyst | 2013 | diversity, corporate governance, top management, return | USA, Canada | N/A | Large | Secondary | No | www.catalyst.org/system/files/why_diversity_matters_catalyst_0.pdf | ||||||||||||||||
20 | Why Women-Owned Startups Are A Better Bet | BCG’s article discusses why female owned start-ups are a better investment for financial backers. The authors reviewed 5 years of revenue and investment data. | The authors found that investments in female-founded companies averaged $935,000 -- which is significantly lowered compared to the $2.1 million average investment in male-founded companies. However, despite the gap in investment, female-founded startups generated 10% more on average in revenue over a 5 year period ($730,000 versus $662,000). In addition, startups founded by women generated 78 cents for every dollar of funding versus 31 cents generated from male-founded startups. | Gender | Article | financial performance (investment) | Unknown | Founders | Abouzahr, Katie, et al | BCG | 2018 | female-founded startups, investment | USA | Across | Start-ups | Primary | No | www.bcg.com/en-us/publications/2018/why-women-owned-startups-are-better-bet.aspx | ||||||||||||||||
21 | Gender Diversity in Corporate Governance and Top Management | This article examines whether and how the participation of women in the firm’s board of directors and senior management enhances financial performance. The authors use the Fama and French (1992, 1993) valuation framework to take the level of risk into consideration, when comparing firm performances, whereas previous studies used either raw stock returns or accounting ratios. | The results indicate that firms operating in complex environments do generate positive and significant abnormal returns when they have a high proportion of women officers. Although the participation of women as directors does not seem to make a difference in this regard, firms with a high proportion of women in both their management and governance systems generate enough value to keep up with normal stock-market returns. | Gender | Journal article | financial performance (investment) | Unknown | Board of Directors, Senior management & leadership | Francoeur, Claude, et al | Journal of Business Ethics | 2007 | Board of directors, senior management, complex environments, returns | USA, Canada | N/A | Large | Primary | Yes | https://link.springer.com/article/10.1007/s10551-007-9482-5 | ||||||||||||||||
22 | Why Diversity Matters | McKinsey’s research publication looks at the correlation between gender/ethnic diversity and corporate financial performance (measured as average EBIT from 2010 to 2013). Their research included datasets from 366 companies from the UK, US, Canada, and Latin America across a wide range of industries, and the authors utilized the Herfindahl-Hirschman Index (HHI) in order to compare levels of competitiveness within markets and industries. | The report finds that there is a statistically significant connection between diversity and financial performance; for instance, companies in the top 25% for gender diversity were 15% more likely to possess above-average financial returns. | Gender | Report | financial performance (EBIT) | Unknown | Employees | Hunt, Vivian, et al | McKinsey & Company | 2015 | diversity, financial performance, gender diversity, ethnic diversity, corporate performance | UK, USA, Canada, Latin America | Across range | Large | Primary | No | https://www.mckinsey.com/business-functions/organization/our-insights/why-diversity-matters | ||||||||||||||||
23 | An Investor’s Guide To Gender Diversity | Morgan Stanley’s Sustainable + Responsible Investment (SRI) and Global Quantitative Research teams make a business case for gender diversity in this article. Their research includes a proprietary gender diversity framework to analyze over 1600 global stocks. | One of their findings describe the positive relationship between gender diversity and equity returns; in companies with the top 33% proportion of female employees, there were 2% higher average relative returns. | Gender | Report | financial performance | Unknown | Employees | Morgan Stanley | 2017 | gender diversity, global stocks, equity returns | Global | Across range | Large | Primary | No | https://www.morganstanley.com/pub/content/dam/msdotcom/ideas/gender-diversity-toolkit/Gender-Diversity-Investing-Primer.pdf | |||||||||||||||||
24 | Higher Returns With Women In Decision-Making Positions | This Credit Suisse article summarizes the findings from Credit Suisse’s "CS Gender 3000: Progress in the Boardroom” bi-annual report, which analyzed information from over 3,000 companies. It cites data focusing on the connection between female senior leadership and financial performance. | From 2013 to 2016, firms with 25% female senior leadership outperformed peers at a 2.8% compound annual growth rate. This annual growth rate number increased to 4.7% for companies with 33% female senior leadership and 10.3% for companies with 50% female senior leadership. | Gender | Article | financial performance | Unknown | Senior management & leadership, management | Misercola, Mark | Credit Suisse | 2016 | female senior leadership, financial performance, annual growth rate | Global | Across range | Large | Secondary | No | www.credit-suisse.com/corporate/en/articles/news-and-expertise/higher-returns-with-women-in-decision-making-positions-201610.html | ||||||||||||||||
25 | Women Employees Boost The Bottom Line For Tech Firms | Morgan Stanley's Sustainability and Global Quantitative Research teams released a report that ranks 108 tech companies using a gender diversity investment framework, as summarized by this article. | Over a five year time span concluding in September 2016, the research found that gender diverse tech firms had an average 5.4% increase in returns on an annual basis compared to less gender diverse peers. The report found that this return is especially high in the tech industry compared to other sectors at all levels of the companies. | Gender | Article | financial performance | Unknown | Employees | Morgan Stanley | 2017 | gender diversity, tech | Tech | Large | Primary | No | www.morganstanley.com/ideas/gender-diversity-tech-companies | ||||||||||||||||||
26 | Profit, Thy Name Is... Woman? | This Miller-McCune research essay establishes a correlation between female executives and high profitability. The author, a professor from Pepperdine University, and his colleagues tracked the financial performance of firms in Fortune’s list of “100 Most Desirable MBA Employers” for women; these firms were chosen for their record of promoting female employees to the executive suite. | Their results showed that 59% of companies were higher than the median in regards to profits as a percentage of equity. | Gender | Research essay | financial performance (profitability) | Unknown | employees, senior management and leadership | Adler, Roy Douglas. | Miller-McCune | executives, gender, female employees | Across range | Large | Primary | No | https://psmag.com/economics/profit-thy-name-is-woman-3920 | ||||||||||||||||||
27 | The CS Gender 3000: The Reward For Change | The 2016 version of Credit Suisse’s “The CS Gender 3000: The Reward For Change” continues to establish the link between gender diversity and business financial performance by analyzing over 3,000 global companies. | Companies with at least 15% female senior managers had over 50% higher profitability than companies where females composed less than 10% of senior managers. | Gender | Report | financial performance (profitability) | Unknown | Senior management & leadership | Dawson, Julia | Credit Suisse | 2016 | female senior managers | Global | Across range | Large | Primary | no | evolveetfs.com/wp-content/uploads/2017/08/Credit-Suisse-Reward-for-Change_1495660293279_2.pdf | ||||||||||||||||
28 | Delivering Through Diversity | McKinsey’s “Delivering Through Diversity” utilizes data from over 1000 firms from 12 countries in order to study the connection between gender/ethnic diversity and company financial outperformance on a global level. | Companies in the top 25% for executive team gender diversity were 21% more likely to experience above-average profitability and 27% more likely to outperform on longer term value creation versus firms in the bottom 25% of executive team gender diversity; this analysis was found to be statistically significant. | Gender | Report | financial performance (profitability) | Unknown | Senior management & leadership | Hunt, Vivian, et al. | McKinsey & Company | 2018 | gender diversity | 12 countries | Across range | Large | Primary | No | www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity | ||||||||||||||||
29 | Diversity Matters | McKinsey’s research publication looks at the correlation between gender/ethnic diversity and corporate financial performance (measured as average EBIT from 2010 to 2013). Their research included datasets from 366 companies from the UK, US, Canada, and Latin America across a wide range of industries, and the authors utilized the Herfindahl-Hirschman Index (HHI) in order to compare levels of competitiveness within markets and industries. | Specifically for the U.S. dataset, the report finds that - after a starting point of 22% female diversity in a senior executive team - there is a 0.3% average increase in EBIT margin with every 10% increase in gender diversity. | Gender | Report | financial performance (profitability) | Unknown | Senior management & leadership | Hunt, Vivian, et al. | McKinsey & Company | 2015 | gender diversity, senior executives | USA | Across range | Large | Primary | No | https://www.mckinsey.com/insights/organization/~/media/2497d4ae4b534ee89d929cc6e3aea485.ashx | ||||||||||||||||
30 | Girls Rule | This Forbes research article aims to research which companies perform better for investors: those led by women or those led by men. In the study, the author analyzed 26 female-led publicly traded firms’ stock performance and used the date each company announced a female CEO as the starting points for each entry. | The article concludes that the female-led firms as a group outperformed the overall market -- that includes firms led primarily by male chief executives -- by an average of 28%. | Gender | Article | financial performance (Stock market performance) | Unknown | female-led firms | Ozanian, Michael K | Forbes | 2010 | female CEOs, female-led firms | Across | Large | Primary | No | www.forbes.com/forbes/2010/1025/power-women-10-lauvergeon-areva-cogema-business-girls-rule.html | |||||||||||||||||
31 | Leadership Change And Shareholder Value: How Markets React To The Appointments Of Women | This research publication from the HR Science Forum studies how the appointments of women into senior leadership positions in U.S. corporate firms affects the firms’ share prices compared to the appointments of male senior leadership. | The study found that investors respond more positively to the appointments of female senior executives compared to the appointment of male leaders; according to the paper, there is a significant increase in the share price for women of 1.03% (p < .05) versus a nonsignificant increase in the share price for men of .60%. | Gender | Publication | financial performance (Stock market performance) | Positive response to female senior executives | Senior management & leadership | Cook, Alison, and Christy Glass | Human Resource Management | 2011 | female senior executives, share price, investors | USA | Across | Large | Primary | Yes | onlinelibrary.wiley.com/doi/full/10.1002/hrm.20438 | ||||||||||||||||
32 | Soapbox: Why Women Managers Shine | Ferrary’s Financial Times article studies the correlation between the drop in share prices of companies in the French CAC 40 stock exchange index during the 2008 economic downturn and the number of women in the companies’ management teams at the time. | Overall, the research found that companies in the French CAC 40 with higher proportions of female employees had smaller drops in their share prices in 2008 while companies with mostly male management experienced larger decreases in share prices when compared to the CAC 40 overall. One of the factors explored to explain this phenomenon is the general trend of risk averse, long-term driven behavior typically shared by female employees - a trend that is valued by financial markets during uncertain times. | Gender | Article | financial performance (Stock market performance) | One of the factors explored to explain this phenomenon is the general trend of risk averse, long-term driven behavior typically shared by female employees - a trend that is valued by financial markets during uncertain times. | Employees | Ferrary, Michel | Financial Times | 2009 | female employees, share price, investors | France | Across | Large | Primary | No | https://www.ft.com/content/27836d74-04e4-11de-8166-000077b07658 | ||||||||||||||||
33 | Women On The Rise | Nareit’s “Women On The Rise” looks at the current statistics among women in corporate leadership -- statistics that are currently subpar but point toward an optimistic trend. It also describes how firms can benefit from appointing more female executives in their executive boards according to research by FPL Advisory Group. | Specifically, REITs with a female board executive over 3 years have outperformed their peers by 2.6% over a 3 year time span. | Gender | Article | financial performance (Stock market performance) | Unknown | Board of Directors | Keenan, Charles | Nariet | 2013 | female executive, board | Large | Primary | No | www.reit.com/news/reit-magazine/march-april-2013/women-rise | ||||||||||||||||||
34 | Women At The Top Of Corporations: Making It Happen | McKinsey’s “Women Matter 2010” publication discusses the current gender diversity statistics among corporations’ top management teams and thought leadership about how to improve those statistics moving forward. | As part of their analysis, the authors identified the top 25% companies by proportion of women in executive positions and compared the financial performance of these companies with firms led by all-male executive boards. The research found that the gender diverse companies exceeds the companies without female executives by 56% in terms of operating results. | Gender | Report | financial performance | Unknown | Board of Directors | Desvaux, Georges | McKinsey & Company | 2010 | board, female executive, financial performance | Across | Large | Primary | No | www.mckinsey.com/~/media/McKinsey/Business%20Functions/Organization/Our%20Insights/Women%20at%20the%20top%20of%20corporations%20Making%20it%20happen/Women%20at%20the%20top%20of%20corporations%20Making%20it%20happen.ashx | |||||||||||||||||
35 | When It Comes To Revenue, Women Entrepreneurs Are Pummeling The Guys | This Inc. article discusses the financial performance of start-ups led by women versus men. | The author references a 2015 research paper by First Round Capital that examined a portfolio with 300 startups and discovered that female-founded teams performed 63% better in valuation than all-male teams. In addition, the Inc. article cites 2013 research from the Ewing Marion Kauffman Foundation showing that female tech entrepreneurs that receive venture capital produce 12% higher revenues than their male counterparts. Finally, the author mentions a study created by Illuminate Ventures that found female-led companies produced revenues similar to companies started by male founders but with an average of 33% less venture capital. | Gender | Article | financial performance | Unknown | female-led firms | Weisul, Kimberly | Inc. | 2018 | female-led firms, female entrepreneurs, venture capital, female founders | Several | Start-ups | Secondary | No | www.inc.com/kimberly-weisul/boston-consulting-group-female-founders-higher-revenues.html | |||||||||||||||||
36 | Are There Gender-Related Influences on Corporate Sustainability? A Study of Women on Board of Directors | This study sought to investigate if there is a link between women on boards of directors and corporate sustainability. Using a sample of publicly listed firms from Australia (151 Australian Securities Exchange firms), the results suggest some level of support that a link does exist. | Boards that have a strong complement of gender diversity are expected to offer more effective monitoring of agents, as well as offer more stringent enforcement of ethical conduct, thereby minimizing effects of subversion of shareholder funds that can be detrimental to their returns. Accordingly, findings confirm a positive link between women on boards and economic growth. Because of their relational abilities, women on boards are more likely able to engage with multiple stakeholders and respond to their needs, resulting in an avenue for demonstrating social responsiveness, which is confirmed by the results. | Gender | Journal article | financial performance | Ethical behavior / monitoring of agents, relational abilities | Board of Directors | Galbreath, Jeremy | Journal of Management & Organization | 2011 | sustainability, women on boards | Australia | Across | Large | Primary | Yes | https://espace.curtin.edu.au/bitstream/handle/20.500.11937/12638/158930_37153_JMO_17_1__17-38.pdf?sequence=2&isAllowed=y | ||||||||||||||||
37 | Director Characteristics, Gender Balance and Insolvency Risk: An Empirical Study | This study examines the characteristics of the directors and owners of private companies in the UK with a specific focus on the incidence and impact of female directors and insolvency risk. The study analyzed data on over 900,000 limited companies in 2007-8 including over 17000 that ceased trading due to insolvency in 2008. The estimated model controls for a wide range of company financial and governance characteristics, industry and size and attempts to unravel causality. | The results provide some compelling evidence of a relationship between the gender composition of directorships and insolvency risk. Further, the authors find that women are generally under-represented in the population of UK Company directors and this varies with industry sector and over time. Our analysis of insolvency risk suggests that having female directors reduces the likelihood of insolvency and that companies with female directors appear to take on less debt and have better cash-flow. | Gender | Journal article | firm performance (insolvency risk) | Gender difference in risk preference and behavior; balanced board of directors are better performers / female director ratio proxies this balance of skills | Board of Directors | Wilson, Nick | SSRN Electronic Journal | 2009 | insolvency risk, board of directors, female directors | UK | Across | Range | Primary | Unknown | https://www.researchgate.net/publication/228299596_Director_Characteristics_Gender_Balance_and_Insolvency_Risk_An_Empirical_Study | ||||||||||||||||
38 | Are Women Better Leaders than Men? | Survey conducted of 7,280 leaders. The data used is drawn from 360 evaluations, so what they are tracking is the judgment of a leader’s peers, bosses, and direct reports. The authors ask these individuals to rate each leader’s effectiveness overall and also to judge how strong he or she is on the 16 competencies that our 30 years of research shows are most important to overall leadership effectiveness. | This study found that more women were rated by their peers, bosses, direct reports and other associates as better overall leaders than their male counterparts (at every level). The higher the level, the wider that gap grows. Specifically, female employees outperformed their male counterparts on 12 of 16 outstanding leadership competencies (including “nurturing,” “takes initiative,” “practices self development,” “displays high integrity and honesty,” and “drives for results”) and scored similarly on the remaining 4 of 16 competencies. | Gender | Article | Talent | Not applicable | Employees | Zenger, Jack; Folkman, Joseph | Harvard Business Review | 2012 | leadership competencies, talent, women | Global (64% US, remaining is from other countries globally) | Across | N/A | Primary | No | https://hbr.org/2012/03/a-study-in-leadership-women-do | ||||||||||||||||
39 | “Feminine” Values Can Give Tomorrow’s Leaders An Edge | This Harvard Business Review article aimed to understand which characteristics - categorized as “masculine” and “feminine”- of employees were increasingly sought after and valued in business. The researchers utilized a sample of 32,000 individuals; half of the sample was asked to categorize 125 characteristics as “masculine” or “feminine” and the other half of the sample was asked to rate those characteristics based on the connection to success, leadership, and morality. | Their analysis found a strong consensus that characteristics seemed as feminine - including “expressive”, “plans for future”, “reasonable”, “loyal”, “intuitive”, and “collaborative” - were consistently ranked as essential to leading a interdependent and transparent society. | Gender | Journal article | Talent | Not applicable | Employees | Gerzema, John | Harvard Business Review | 2013 | feminine characteristics, leadership competencies | N/A | N/A | N/A | Primary | Yes | hbr.org/2013/08/research-male-leaders-should-think-more-like-women | ||||||||||||||||
40 | A Study In Leadership: Women Do It Better Than Men | In 2011, Zenger Folkman conducted research regarding which gender provides better leaders for organizations by evaluating the leadership effectiveness of a random sample with 7280 high performing leaders composed of 64% men and 36% women. The leaders were evaluated on a 49 item index that were identified to be differentiating characteristics separating the best and worst leaders. | For 36 of the 49 items - including “follow through on commitments”, “willingly goes above and beyond”, and “improves based on feedback from others” - female leaders performed significantly better. For the remaining 13 of the 49 items, male leaders performed better in 2 survey items and the results were gender neutral for 11 survey items. | Gender | Article | Talent | Not applicable | Senior management & leadership | Zenger Folkman | Zenger Folkman | 2015 | leadership, characteristics | Global (64% US, remaining is from other countries globally) | Across | N/A | Primary | No | https://onlinelibrary.wiley.com/doi/pdf/10.1002/9781119207573.oth2 | ||||||||||||||||
41 | Women And The Vision Thing | This Harvard Business Review article researched if women on average received lower leadership evaluations than their male counterparts in the business world. To test this question, the authors utilized 2,816 executives from 149 countries enrolled in Insead’s executive education classes as well as 22,244 observers; for the study, the authors focused on the differences between men and women in regards to how the observers evaluated them and how they saw themselves. | The researchers found that male observers ranked female leaders significantly higher than they ranked male leaders on 7 out of 10 GELI (Global Executive Leadership Inventory) dimensions. | Gender | Journal article | Talent | Not applicable | Senior management & leadership | Ibarra, Herminia | Harvard Business Review | 2009 | leadership competencies, talent, women | Global (149 countries) | Across | N/A | Primary | Yes | hbr.org/2009/01/women-and-the-vision-thing | ||||||||||||||||
42 | Women In The Boardroom And Their Impact On Governance And Performance | Journal of Financial Economics published this research study that studied the impact of female directors on board inputs and firm outcomes. Their initial sample consisted of director-level data for Standard & Poor’s (S&P) 500, S&P MidCaps, and S&P SmallCap firms collected by the Investor Responsibility Research Center from 1996 to 2003. | Through rigorous statistical analysis using a sample of U.S. firms, the researchers found that female directors have better attendance than their male counterparts and male directors’ attendance problems decrease as the board becomes more gender-diverse. In addition, the study discovered that directors are given more equity-based compensation in companies that have greater gender diversity on their executive boards. The research also found negative impacts on firm performance linked to gender diversity on boards (see "negative or inconclusive" tab) | Gender | Journal article | Talent (board attendance and performance) | Not applicable | Board of Directors | Adams, Renée B | Journal of Financial Economics | 2009 | female directors, board | USA | Across | Large | Primary | Yes | www.sciencedirect.com/science/article/pii/S0304405X09001421 | ||||||||||||||||
43 | Delivering Through Diversity | McKinsey’s “Delivering Through Diversity” utilizes data from over 1000 firms from 12 countries in order to study the connection between gender/ethnic diversity and company financial outperformance on a global level. In their 2017 publication, the researchers studied if executive teams from high performing companies have more female employees in line versus staff roles. | The researchers considered the fact that women tend to be underrepresented in line roles even among the top 25% of gender diverse companies with greater than average financial performance. However, for these top 25% companies with above average performance, there was a greater share of female employees in line roles (10% of total executives) than their bottom 25% peers (1% of total executives). | Gender | Report | financial performance | Correlation (hypotheses include that more diverse companies are better able to attract top talent; to improve their customer orientation, employee satisfaction, and decision making; and to secure their license to operate) | Employees | Hunt, Vivian, et al. | McKinsey & Company | 2018 | female employees, executives, line roles, financial performance | 12 countries | Across | Large | Primary | No | www.mckinsey.com/business-functions/organization/our-insights/delivering-through-diversity | ||||||||||||||||
44 | Women Matter: Women Leaders, A Competitive Edge In And After The Crisis | In McKinsey’s third “Women Matter” publication, the researchers surveyed over 800 business leaders globally in September 2009 to understand if female leaders’ behavior provided companies a competitive edge before, during, and after the economic recession. | The researchers found that female leaders more frequently utilize 3 of the 4 types of behavior that are seen as most advantageous in addressing the pre-crisis global challenges. Additionally, the study discovered that female leaders more frequently utilized the two leadership behavior types - “expectations and rewards” and “inspiration” - that were most advantageous during and after the crisis. | Gender | Report | Talent (management after crisis) | Behavior | Senior management & leadership | Desvaux, Georges | McKinsey & Company | 2009 | female leaders, characteristics, leadership | Global | Across | N/A | Primary | No | www.mckinsey.com/~/media/McKinsey/Business%20Functions/Organization/Our%20Insights/Women%20matter/Women_matter_dec2009_english.ashx | ||||||||||||||||
45 | The CS Gender 3000: The Reward For Change | The 2016 version of Credit Suisse’s “The CS Gender 3000: The Reward For Change” continues to establish the link between gender diversity and business financial performance by analyzing over 3,000 global companies. The paper’s authors leveraged Credit Suisse HOLT’s analysis of the operational success score for acquisition or divestment (in other words, “the ability of the acquirer or divested to improve growth and the pricing skill”) to understand how M&A transactions by female CEOs fared. | According to the analysis, the limited number of M&A (merger and acquisition) transactions by women - 136 versus 2,114 for male to male CEOs - show significantly improved operational success, firm growth, and pricing skill compared to their male counterparts. | Gender | Report | Talent (M&A results) | Unknown | Senior management & leadership | Dawson, Julia | Credit Suisse | 2016 | female CEOs, operational success, firm growth, pricing skill | Global | Across | N/A | Primary | No | evolveetfs.com/wp-content/uploads/2017/08/Credit-Suisse-Reward-for-Change_1495660293279_2.pdf | ||||||||||||||||
46 | Women Directors on Corporate Boards: From Tokenism to Critical Mass | The authors sampled more than 300 Norwegian firms. | The authors discovered that appointing at least 3 women on executive boards has a positive impact on the companies’ innovation, especially organizational innovation, and board strategic tasks. | Gender | Journal article | Innovation | Not applicable | Board of Directors | Torchia, Mariateresa et al | Journal of Business Ethics | 2011 | women directors, corporate boards, | Norway | Across | Large | Primary | Yes | https://link.springer.com/article/10.1007/s10551-011-0815-z | ||||||||||||||||
47 | Does Female Representation In Top Management Improve Firm Performance? A Panel Data Investigation | Strategic Management Journal published this paper that discusses a theoretical model tested using 15 years of public U.S. corporation data to explain the connection between female representation in top management and firm performance. | The research found that, all else held equal, a company produces on average 1% (over $40 million) more economic value if it has at least one female executive on its top management team than a top management team without any female executives. The paper identified that the main benefit of female executives on top management teams is increased innovation intensity of a company’s strategy (regardless if the firm has an emphasis on innovation or not). | Gender | Journal article | Innovation | Not applicable | Senior management & leadership | Dezső, Cristian L. | Strategic Management Journal | 2012 | female executives, innovation, USA, firm performance | USA | Across | Large | Primary | Yes | www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/3063/female_representation.pdf | ||||||||||||||||
48 | Collective Intelligence: Number Of Women In Group Linked To Effectiveness In Solving Difficult Problems | This study created by researchers from Union College, MIT, and Carnegie Mellon University researched factors driving the existence of collective intelligence in cooperative groups of individuals. The researchers selected 699 individuals in groups of 2 to 5 and gave them tasks involving puzzles, negotiations, brainstorming, and rule-based design assignments at MIT’s Center for Collective Intelligence and Carnegie Mellon. | Their research determined that 40% of the performance variation was contributed to collective intelligence, and they found that the most effective teams exhibited strong “social sensitivity” levels and high problem-solving abilities -- characteristics that increased with the number of women on the teams. | Gender | Journal article | Teamwork (collective intelligence) | Collective intelligence | N/A | Woolley, Anita W. et al | Science | 2010 | effective teams, collective intelligence | USA | N/A | N/A | Primary | Yes | www.sciencedaily.com/releases/2010/09/100930143339.htm | ||||||||||||||||
49 | The Impact Of Gender Diversity On The Performance Of Business Teams: Evidence From A Field Experiment | This study from the journal Management Science aimed to provide uncontaminated data on the possible connection between the share of women on teams and financial performance of those business teams. The researchers utilized a field experiment in which the share of women in their experiment’s business teams was randomly assigned in order to control for variable bias. | According to their findings, team performance peaks when the share of women in a business team is 55%; the drivers behind the peak performance on gender diverse teams were more intense mutual monitoring and equal learning. | Gender | Journal article | Teamwork (mutual monitoring, equal learning), financial performance | Mutual monitoring, equal learning | Employees | Hoogendoorn, Sander et al | Management Science, Institute for Operations Research and the Management Sciences | 2013 | gender diverse teams, effective teams, financial performance | USA, Europe | N/A | N/A | Primary | Yes | http://gap.hks.harvard.edu/impact-gender-diversity-performance-business-teams-evidence-field-experiment | ||||||||||||||||
50 | Moving Towards Gender Balance in Private Equity Markets | The report analyzes gender gaps in private equity / venture capital in emerging markets and their relationship to performance through the view of gender balanced leadership teams with at least 30% of both men and women. | A key finding from that report: “the gender gaps in the representation of women as allocators and recipients of capital put access to financing at risk for female entrepreneurs and may reduce investment returns for funds.” Indeed, gender-balanced investment teams have better returns – at 20% higher net international rate of return. This positive correlation between gender balance and performance holds across investment strategies and geographies, as well as when controlling for fund size. Further, female partners invested in almost two times more female entrepreneurs than male partners. | Gender | Report | financial performance (investment) | Unknown (potential link to greater investment in female-led firms) | Female investors | IFC, Oliver Wyman, RockCreek | IFC | 2019 | gender-balanced investment teams | Emerging markets | Venture | N/A | Primary | No | https://www.ifc.org/wps/wcm/connect/79e641c9-824f-4bd8-9f1c-00579862fed3/Moving+Toward+Gender+Balance+Final.pdf?MOD=AJPERES | ||||||||||||||||
51 | The Entrepreneurship Database Program at Emory University | A Global Accelerator Learning Initiative (GALI) study analyzed nearly 14,000 early-stage ventures from around the world from 2013 to 2017 | The study found that ventures with women on their founding teams are significantly more likely to report positive prior-year revenues. In fact, ventures that are co-run by women and men (i.e., have men and women among their top three founders) were nearly 20% more likely to report positive revenues in the prior year than ventures with all male leaders – 48.7% compared to 40.9%. Women-led companies (i.e., with a woman listed as the 1st founder) were also more likely to report positive revenues in the prior year than companies with all male leaders (46.6% versus 40.9%). | Gender | Report | financial performance (investment) | Unknown | female-led firms | EDP, Aspen Institute | Global Accelerator Learning Initiative (GALI) | 2017 | women-led companies, positive revenues | Global | Across | Early-stage ventures | Primary | No | https://www.galidata.org/assets/report/pdf/2017%20Year%20End%20Data%20Summary.pdf | ||||||||||||||||
52 | Moving Towards Gender Balance in Private Equity Markets | The report analyzes gender gaps in private equity / venture capital in emerging markets and their relationship to performance through the view of gender balanced leadership teams with at least 30% of both men and women. | The study revealed that 20% of portfolio companies in emerging markets have leadership teams that are gender balanced, and these gender-balanced teams are correlated with approximately 25% greater increases in valuation than unbalanced teams (or 64% versus 55%). Gender balanced teams in the research are considered as 30-70% women in leadership roles. When controlling for vintage, geographic market, and holding period of investments, the median gender balanced portfolio company outperformed peers by more than 5.5 percentage points in valuation increase per year. | Gender | Report | financial performance (investment) | Unknown | Senior management & leadership | IFC, Oliver Wyman, RockCreek | IFC | 2019 | gender-balanced leadership teams | Emerging markets | Across | N/A | Primary | No | https://www.ifc.org/wps/wcm/connect/79e641c9-824f-4bd8-9f1c-00579862fed3/Moving+Toward+Gender+Balance+Final.pdf?MOD=AJPERES | ||||||||||||||||
53 | 10 Years First Round Project | 10 Years analyzed a data set of 300 companies and nearly 600 founders that they have invested in. They looked at the founder characteristics that accompanied successes and not quite successes. From the data and analysis, the authors surfaced “10 Lessons". | Their investments in companies with a female founder performed 63% better than their investments in all-male teams. First Round Capital invests in technology companies primarily in the United States. | Gender | Report | financial performance (investment) | Unknown | female-led firms | First Round Capital | First Round Capital | female founders, investment, financial returns | USA | Technology | Start-ups | Primary | No | http://10years.firstround.com/ | |||||||||||||||||
54 | The Comprehensive Case for Investing More VC Money in Women-Led Startups | This article summarizes findings illustrating the connection between financial returns and investing in women-led startups | One finding shared from the Small Business Association reveal that venture firms which invested in women-led businesses saw an improvement in their fund’s performance. This study utilized the Thomas Reuters Private Equity VentureXpert database covering investments by US-based VC firms in US-based companies. | Gender | Article | financial performance (investment) | Unknown | female-led firms | DuBow, Wendy; Pruitt, Allison S. | Harvard Business Review | 2017 | female founders, investment, financial returns | N/A | N/A | Start-ups | Secondary | No | https://hbr.org/2017/09/the-comprehensive-case-for-investing-more-vc-money-in-women-led-startups | ||||||||||||||||
55 | Venture Capital, Social Capital and the Funding of Women-led Businesses | The study utilized Thomson Reuters Private Equity VentureXpert database and studied the years 2000 through 2010. The data covered all investments by U.S. based VC firms in U.S.-based companies. | The analysis finds that VC firms’ social capital influences their investments in women-led businesses (WLBs), but in different and sometimes conflicting ways. Generally, VC firms are risk averse and tend to invest within familiar social networks. VC firms with long-term relationships that regularly invest together as a group (syndicated deals) with the same VC firms tend to invest in a higher percentage of WLBs, since they are able to share the risk. The more autonomous VC firms, which co-invest with other VC firms that do not regularly co-invest with one another, tend to invest less in women-led businesses. This finding is similar to other research which finds that these less embedded VC firms choose investments that are perceived to be “safer.” The study finds that VC firms that did invest in WLBs saw an improvement in their VC firm’s performance, which means that investments in WLBs are successful, leading to a positive return on the VC firm investments. | Gender | Report | financial performance (investment) | Unknown (but VC firms tending to invest less in WLBs linked to risk aversion and biases) | female-led firms | JMG Consulting, LLC & Wyckoff Consulting, LLC | Small Business Review | 2013 | female founders, investment, financial returns | USA | Across | Large | Primary | No | https://www.sba.gov/content/venture-capital-social-capital-and-funding-women-led-businesses | ||||||||||||||||
56 | Diversity Matters (re-released in 2015) | research looked at the relationship between the level of diversity (defined as a greater share of women and a more mixed ethnic/racial composition in the leadership of large companies) and company financial performance (measured as average EBIT 2010–2013). The research is based on financial data and leadership demographics compiled for this purpose from hundreds of organizations and thousands of executives in the United Kingdom, Canada, Latin America, and the United States. The size of the dataset allows for results that are statistically significant and the analysis is the first that we are aware of that measures how much the relationship between diversity and performance is worth in terms of increased profitability. | The analysis found a statistically significant relationship between a more diverse leadership team and better financial performance. The companies in the top quartile of gender diversity were 15 percent more likely to have financial returns that were above their national industry median. Companies in the top quartile of racial/ethnic diversity were 35 percent more likely to have financial returns above their national industry median. Companies in the bottom quartile for both gender and ethnicity/race were statistically less likely to achieve above-average financial returns than the average companies in the dataset (that is, they were not just not leading, they were lagging). The results varied by country and industry | Gender, Ethnicity | Report | financial performance | Unknown (hypotheses include: that more diverse companies are better able to win top talent, and improve their customer orientation, employee satisfaction, and decision making, leading to a virtuous cycle of increasing returns) | Senior management & leadership | Hunt, Vivian et al | McKinsey & Company | 2015 | gender, ethnicity, diversity, financial performance | UK, Canada, Latin America, USA | Across | Large | Primary | No | https://www.mckinsey.com/~/media/mckinsey/business%20functions/organization/our%20insights/why%20diversity%20matters/diversity%20matters.ashx | ||||||||||||||||
57 | Diversity Matters (re-released in 2015) | research looked at the relationship between the level of diversity (defined as a greater share of women and a more mixed ethnic/racial composition in the leadership of large companies) and company financial performance (measured as average EBIT 2010–2013). The research is based on financial data and leadership demographics compiled for this purpose from hundreds of organizations and thousands of executives in the United Kingdom, Canada, Latin America, and the United States. The size of the dataset allows for results that are statistically significant and the analysis is the first that we are aware of that measures how much the relationship between diversity and performance is worth in terms of increased profitability. | Companies with 10 percent higher gender and ethnic/racial diversity on management teams and boards in the US, for instance, had EBIT that was 1.1 percent higher; in the UK, companies with the same diversity level had EBIT that was 5.8 percent higher. Moreover, the unequal performance across companies in the same industry and same country implies that diversity is a competitive differentiator that shifts market share towards more diverse companies. | Gender, Ethnicity | Report | financial performance (profitability) | Unknown (hypotheses include: that more diverse companies are better able to win top talent, and improve their customer orientation, employee satisfaction, and decision making, leading to a virtuous cycle of increasing returns) | Senior management & leadership, Board of Directors | Hunt, Vivian et al | McKinsey & Company | 2015 | gender, ethnicity, diversity, financial performance, EBIT | UK, Canada, Latin America, USA | Across | Large | Primary | No | https://www.mckinsey.com/~/media/mckinsey/business%20functions/organization/our%20insights/why%20diversity%20matters/diversity%20matters.ashx | ||||||||||||||||
58 | Women on boards and firm financial performance: A meta-analysis | The authors examine the relationship between women on boards and financial performance. They statistically combine the results from 140 studies and examine whether these results vary by firms’ legal/regulatory and socio-cultural contexts. | The meta-analysis finds that female board representation is positively related to accounting returns and that this relationship is more positive in countries with stronger shareholder protections—perhaps because shareholder protections motivate boards to use the different knowledge, experience, and values that each member brings. The authors also find that, although the relationship between female board representation and market performance is near zero the relationship is positive in countries with greater gender parity (and negative in countries with low gender parity)—perhaps because societal gender differences in human capital may influence investors’ evaluations of the future earning potential of firms that have more female directors. Lastly, the authors find that female board representation is positively related to boards’ two primary responsibilities: monitoring and strategy involvement. (Note that this resource is included in both tabs given both positive and inconclusive findings that differ in various settings) | Gender | Journal article | financial performance | Correlation (hypotheses in description) | Board of Directors | Post, C., Byron, K | Academy of Management Journal | 2013 | board diversity, board of directors, gender | Global | Across | N/A | Primary | Yes | https://journals.aom.org/doi/abs/10.5465/amj.2013.0319 | ||||||||||||||||
59 | Top management team nationality diversity and firm performance: A multilevel study | This research reexamines the relationship between top management team (TMT) diversity and firm performance. Combining upper echelons theory with insights from institutional theory, the authors establish a dimension of TMT diversity—nationality diversity—and develop an integrated multilevel framework explaining how its performance implications vary across contextual settings. | The authors find that nationality diversity is positively related to performance; and this effect is stronger in (a) longer tenured teams, (b) highly internationalized firms, and (c) munificent environments. More generally, the research demonstrates that the consequences of TMT diversity depend on the (1) specific attributes of diversity being considered and (2) firm and industry conditions under which strategic decisions take place. | Nationality | Journal article | Teamwork | Unknown | Senior management & leadership | Nielsen, B. B., Nielsen, S. | Strategic Management Journal | 2013 | diversity, firm performance, nationality | Primary | Yes | https://onlinelibrary.wiley.com/doi/abs/10.1002/smj.2021 | |||||||||||||||||||
60 | Effects of gender diversity management on perceptions of organizational attractiveness: The role of individual differences in attitudes and beliefs | In this study, the authors examined how individual gender-related attitudes and beliefs affect the reactions of men and women to gender diversity management programs in organizations. | The authors did not find significant differences between the sexes, but they did find significant differences within each sex based on attitudes toward affirmative action for women, centrality of gender identity, and the belief that women are discriminated against in the workplace | Gender | Journal article | Talent (Organizational attractiveness) | Unknown | Across | Martins, L. L., Parsons, C. | Journal of Applied Psychology | 2007 | gender diversity, gender diversity management programs, organizational attractiveness | Primary | Yes | https://www.ncbi.nlm.nih.gov/pubmed/17484566 | |||||||||||||||||||
61 | Boardroom diversity and its effect on social performance: Conceptualization and empirical evidence | The researchers sampled nearly 100 S&P500 companies and measured corporate social performance using 43 different social performance indicators covering categories of community, corporate governance, diversity, employee relations, environment, human rights and product-related social issues | The authors find a significant relationship between diversity in boards and social performance. The results also reveal the effects of the specific variables that make up the diversity of boards and diversity in boards constructs. In particular, gender, and age have a significant, positive effect on corporate social performance. | Gender, Age | Journal article | Corporate social responsibility | Unknown | Board of Directors | Hafsi, T., Turgut, G. | Journal of Business Ethica | 2013 | board of directors, corporate social performance, corporate social responsibility, gender diversity | USA | Across | Large | Primary | Yes | https://link.springer.com/article/10.1007/s10551-012-1272-z | ||||||||||||||||
62 | Corporate reputation and women on the board | The researchers investigate the determinants of corporate reputation, utilizing assessments of managers and market analysts of a sample of large UK firms. | The authors find a reputational effect associated with a female presence at board level. Specifically, the presence of women on the board is favourably viewed in only those sectors that operate close to final consumers. The reputational effect vares across sectors and demonstrates the influence of a firm's stakeholder environment in determining whether a female presence on the board enhances or harms the reputation of the firm. This highlights the need to reflect gender diversity among customers.(Note that this resource is in both the 'positive' and 'negative / inconclusive' tab given the results varying if the firm operates close to final customers or not) | Gender | Journal article | Corporate reputation | Unknown | Board of Directors | Brammer, S., Millington, A., Pavelin, S. | British Journal of Management | 2009 | board of directors, corporate reputation, gender diversity | UK | Across | Large | Primary | Yes | https://onlinelibrary.wiley.com/doi/pdf/10.1111/j.1467-8551.2008.00600.x | ||||||||||||||||
63 | The impact of board diversity and gender composition on corporate social responsibility and firm reputation | This article explores how the diversity of board resources and the number of women on boards affect firms’ corporate social responsibility (CSR) ratings, and how, in turn, CSR influences corporate reputation. | The results find that the number of women on a board affected CSR ratings, and CSR ratings had a positive impact on reputation. | Gender | Journal article | Corporate reputation, corporate social responsibility | Unknown (hypothesis that board gender composition acts as a signal - e.g., the value firms place on hiring, retaining and advancing women - which influencers outside evaluators; also gender composition affect firms social performance) | Board of Directors | Bear, S., Rahman, N., Post, C. | Journal of Business Ethics | 2010 | corporate reputation, corporate social responsibility, board diversity, gender diversity, board of directors | Large | Primary | Yes | https://link.springer.com/article/10.1007/s10551-010-0505-2 | ||||||||||||||||||
64 | Board gender diversity, corporate reputation and market performance | This study examines the association between corporate transparency, ethical orientation of Fortune 500 companies, the number of females represented on the board of directors as reported in the 2010 annual report data and respective stock performance. The researchers explore whether the firm was listed on either (both) Ethisphere Magazine’s 2010 ‘World’s Most Ethical Companies’ or (and) Corporate Responsibility Magazine’s 2010 ‘100 Best Corporate Citizens List’. | The authors find that board gender diversity can provide an incremental benefit for corporations that already have a good reputation in ethical behavior, social responsibility and transparency. The data indicate that companies on CRM or EM’s lists have superior returns and that companies on CRM or EM’s lists are more likely to have multiple female directors on their boards. Consequently, the data suggests an interactive effect between corporate reputation and the number of female directors. | Gender | Journal article | Corporate reputation, financial returns (stock market performance) | Unknown (stock performance figures imply that higher numbers of women on boards may be able to alter the internal elements of an organization and thus decrease likelihood of a loss in value to shareholders) | Board of Directors | Larken, M., Bernardi, A., Bosco, S. | International Journal of Banking and Finance | 2012 | corporate reputation, gender diversity, board of directors | USA (Fortune 500) | Across | Large | Primary | Yes | http://ijbf.uum.edu.my/images/ijbfvol9no1mac2012/1-Board-gender-diversity-corporate-reputation-and.pdf | ||||||||||||||||
65 | Demograpic diversity in the boardroom: Mediators of the board diversity-firm performance relationship | The authors explore the direct relationship between racial and gender diversity and firm performance, and seek to explain how board diversity is related to firm performance (specifcally through firm reputation and innovation) | The authors find a positive relationship between board racial diversity and both firm reputation and innovation. They find that reputation and innovation both partially mediate the relationship between board racial diversity and firm performance. In addition, they find a positive relationship between board gender diversity and innovation. | Ethnicity, Race, Gender | Journal article | Innovation, corporate reputation | Unknown | Board of Directors | Miller, T., Del Carmen Triana, M. | Journal of Management Studies | 2009 | board of directors, corporate reputation, innovation, gender diversity, racial diversity | USA (Fortune 500) | Across | Large | Primary | Yes | https://onlinelibrary.wiley.com/doi/10.1111/j.1467-6486.2009.00839.x | ||||||||||||||||
66 | Gender diversity and securities fraud | The authors conduct an empirical analysis of the impact of board of director gender diversity on the broad spectrum of securities fraud. They utilize data from a large sample of Chinese firms that committed securities fraud. | The authors have three main findings: (1) the examined data show strong evidence consistent with the view that the importance of women on boards in mitigating securities fraud lies in the mechanism of diversity, (2) the market response to fraud from a more gender-diverse board is significantly less pronounced, (3) women are more effective in mitigating both the presence and severity of fraud in male-dominated industries. | Gender | Journal article | Financial performance (stock market performance), Reduced risk | The findings suggest that suggesting that females are more ethically sensitive and less likely to take risk to commit fraud | Board of Directors | Cumming, D., Leung, T., Rui, O. | Academy of Management Journal | 2015 (note there are previous versions of this paper) | board of directors, risk, stock market, gender diversity | China | Across | Large | Primary | Yes | https://journals.aom.org/doi/abs/10.5465/amj.2013.0750 | ||||||||||||||||
67 | Female board presence and the likelihood of financial restatement | This paper investigates the impact between female board presence (defined as whether or not a board has at least one female director) and the likelihood of a financial restatement. The authors utilize the U.S. General Accounting Office (U.S. GAO 2002) report on restatements to construct a matched-pair sample of 278 annual (187 quarterly) restatement and 278 annual (187 quarterly) control firms. | The authors find a significant association between the presence of at least one woman on the board and lower likelihood of restatement. | Gender | Journal article | Reduced risk | Hypothesis that a female board presence contributes to the board's ability to maintain an attitude of mental independence, diminishing the extent of groupthink and enhancing ability of the board to monitor financial reporting | Board of Directors | Abbott, L, Parker, S., Presley, T. | Accounting Horizons | 2012 | board of directors, reduced risk, gender diversity | USA | Across | Primary | Yes | https://aaapubs.org/doi/abs/10.2308/acch-50249?journalCode=acch | |||||||||||||||||
68 | Does board gender diversity influence firm profitability? A control function approach | The authors investigate the relation between board gender diversity and firm profitability using the control function (CF), which takes account of the problem of endogenous explanatory variables that have potential to bias the results. They use a sample of firms that made up the S&P 500 over the period 2004-2015. | The authors find that the presence of women on corporate boards (measured either by the percentage of female directors on corporate boards or the Blau index of heterogeneity) has a positive and significant (at the 1% level) effect on firm profitability (measured by the return on assets). | Gender | Working paper | Financial returns (ROA) | Unknown | Board of directors | Dang, R., Houanti, L., Reddy, K., Simioni, M. | Working Papers of LaRGE Research Center | 2019 | board of directors, profitability, ROA, gender diversity | USA | Across | Large | Primary | Yes | https://ideas.repec.org/p/lar/wpaper/2019-01.html | ||||||||||||||||
69 | What Makes a Strong Team? Using Collective Intelligence to Predict Team Performance in League of Legends | Collective intelligence (CI) measures the ability of a team to perform together and predict performance on future tasks—a combination of individual members’ attributes and group structures/processes/norms. Previous research highlights a strong positive correlation between the number of women in a traditional team and the level of its CI--social perceptiveness is an important factor of CI and women have consistently scored higher when measuring this. The study investigates whether collective intelligence (CI) is as predictive of performance in highly virtual teams as it is in traditional teams, and what individual and group factors are associated with teams’ CI in these settings. This is done by observing the performance of teams in the MOBA game League of Legends (LoL). | The study concludes that CI does map onto the virtual space of LoL teams. The authors had 3 main findings: (1) CI had a positive effect on the teams' performance, and significantly predicted future performance for teams that stayed stable for a 6 month period. (2) As expected, CI had a significant and positive correlation with the number of women in the teams and with the level of social perceptiveness, but surprisingly the proportion of women and social perceptiveness were not correlated with each other--likely due to restriction in range of female members. (3) Also surprisingly, existence of hierarchy enhances CI in LoL teams as opposed to the norm of equal communication—tacit coordination plays a larger role here. | Gender | Journal article | Teamwork | Emergence of virtual teams in workplaces that face urgent, volatile, and complex situations | Employees | Kim, Y., Engel, D., Woolley, A., Lin, J., McArthur, N., Malone, T. | CSCW '17 | 2017 | Group and organizational interfaces, collective intelligence and team performance | USA | N/A | N/A | Primary | http://mitsloan.mit.edu/shared/ods/documents/?DocumentID=2710 | |||||||||||||||||
70 | Duality in Diversity: How Intrapersonal and Interpersonal Cultural Heterogeneity Relate to Firm Performance | The authors propose that the general consensus of cultural heterogenity creating a trade-off between increased creativity and lower efficiency in a firm stems from the fact that it can be divided into two components: interpersonal cultural heterogeneity, which is negatively correlated with a firm's capacity for efficient execution, and intrapersonal cultural heterogeneity, which is positively related to a firm's creativity and innovation. To test these hypotheses, they analysed unsupervised employee reviews of publicly-traded companies on Glassdoor and trained a linguistic topic model relying on Coarsened Exact Matching (CEM). | By conceptually separating the two components of cultural diversity, the authors found results that were in keeping with their hypotheses. Firms with higher interpersonal cultural heterogeneity exhibited lower profitability, while firms with higher intrapersonal heterogeneity were associated with higher mean backward citations among the patents in a firm portfolio. | Cultural Diversity | Journal article | Teamwork, innovation | Unknown | Employees | Corritore, M., Goldberg, A., Srivastava, S. | Administrative Science Quarterly | 2019 | Cultural heterogeneity, innovation, efficiency, creativity | USA | Across | N/A | Primary | Yes | http://faculty.haas.berkeley.edu/srivastava/papers/Duality%20in%20Diversity.pdf?_ga=2.71302288.1678458080.1562609490-1724715002.1557888289 | ||||||||||||||||
71 | Evidence from a Collective Intelligence Factor in the Performance of Human Groups | In this study, the authors use the principles of evaluating individual intelligence to examine whether groups, like individuals, have levels of intelligence that can be measured according to key characteristics in order to predict future success. After randomly assigning 699 individuals to a total of 192 groups of varying sizes, the authors tested the hypothesis that group collective intelligence—or the idea that a group’s aptitude for performing one task is correlated with its ability to successfully navigate other tasks—would be present. Groups were asked to undertake visual puzzle solving, collective brainstorming, moral decision-making, and bargaining for resources. Regression analyses were performed to rule out any confounding factors between study cohorts. | Group collective intelligence was found to exist separately from individual intelligence. Its main predictors are social sensitivity, the distribution of conversational turn-taking, and the proportion of female group members. Key findings included the following: (1) Groups where a few people dominated the conversation had less collective intelligence than groups in which many members took turns talking. (2) Social sensitivity, or the ability to empathize with and appreciate another’s viewpoint, is the only predictor that reached statistical significance. (3) Collective intelligence is positively correlated with the proportion of females in the group, as women score higher on social sensitivity. (4) Group cohesion, satisfaction, and motivation were not found to be predictors of collective intelligence. | Gender | Journal article | Teamwork | Unknown | Across | Woolley, A., Chabris, C., Pentland, A., Hashmi, N., Malone, T. | Science | 2010 | Collective Intelligence, teamwork | USA | Across | N/A | Primary | Yes | http://gap.hks.harvard.edu/evidence-collective-intelligence-factor-performance-human-groups | ||||||||||||||||
72 | Do Investors Really Care About Gender Diversity? | Margaret Neale (organizational behavior professor at Stanford Graduate School of Business) and her colleagues studied shareholder reactions to nearly 60 gender diversity announcements that publicly traded firms in the technology and finance sectors made between 2014 and 2018. When a firm released its first announcement, stock prices rose more if a company revealed more gender diversity, especially if it bested the industry leader. | Findings: (1) Making the business case: Studying diversity announcements allowed the researchers to overcome a weakness in much of the earlier field research — they could prove causation, not just correlation. “With a stock price reaction, it’s clear which way the causal arrow goes. There’s no way the price affected the diversity reports.” (2) In both sectors, stock prices increased more when announcements revealed a higher level of diversity. Among tech companies, investors reacted even more positively when the diversity numbers trumped those of Google, which researchers identified as the industry leader. Stock prices didn’t budge much after follow-up announcements that failed to show significant changes in diversity figures. | Gender | Article | Financial performance (stock market performance), Reduced risk | Unknown | Employees | Talbot, P. | NPR | 2019 | gender diversity, investments | Global? | Finance, Tech | Large | Primary | No | https://www.gsb.stanford.edu/insights/do-investors-really-care-about-gender-diversity | ||||||||||||||||
73 | Research: When Women Are on Boards, Male CEOs Are Less Overconfident | This research suggests that having female board members helps temper the overconfidence of male CEOs, improving overall decision making for the company. It involved data from 1,629 listed firms in the U.S., including data on their CEOs and boards, for the time period 1998 to 2013. To assess overconfidence, the authors looked at CEOs’ option-exercise behavior, estimating level of overconfidence by calculating the “moneyness” of their stock option portfolios, or how much the stock price exceeds the exercise price for each year. After controlling for confounding factors, they found a negative correlation b/w the fraction of female directors, and the overconfidence measure for male CEOs. | After controlling for confounding factors, they found a negative correlation b/w the fraction of female directors, and the overconfidence measure for male CEOs. (1) Female directors on the board led to more diverse viewpoints, purported to improve quality of deliberations, with research showing that female directors tend to be less conformist and more likely to express independent opinions. So, a board with female directors is likely to challenge the CEO's views and attenuate overconfidence and correct for potentially biased beliefs. (2) Most overconfident CEOs were in industries like pharmaceuticals, computer software, coal, and construction. And having at least one female director on the board was associated with less aggressive investment policies, better acquisition decisions, and ultimately improved firm performance in these industries. (3) Further analysis of differences in accounting and stock performance for 516 firms during the financial crisis of 2007 to 2009 showed that female board representation reduced the negative impact of the crisis on firm performance as well. | Gender | Article | Financial performance | Unknown | Board of Directors | Chen, J., Leung, W., Song, W., Goergen, M. | HBR | 2019 | gender diversity, financial performance | US | Across | Large | Primary | Yes | https://hbr.org/2019/09/research-when-women-are-on-boards-male-ceos-are-less-overconfident | ||||||||||||||||
74 | How and Where Diversity Drives Financial Performance | We surveyed more than 1,700 companies across eight countries (the U.S., France, Germany, China, Brazil, India, Switzerland, and Austria) and a variety of industries and company sizes, examining diversity in management positions, measured with respect to gender, age, national origin, career path, industry background, and education. We partnered with the Technical University of Munich for the statistical analysis of the results. We examined the correlation of these variables both individually and collectively, with the percentage of revenues coming from products introduced in the last three years as a proxy for innovation impact. | Companies with above-average total diversity, measured as the average of six dimensions of diversity (migration, industry, career path, gender, education, age), had both 19% points higher innovation revenues and 9% points higher EBIT margins, on average. | Gender, Age, National Origin, Career Path, Industry Background, and Education | Article | Financial Performance | Unknown | Management Positions | Rocio Lorenzo, Martin Reeves | HBR | January 30, 2018 | diversity, financial performance | U.S., France, Germany, China, Brazil, India, Switzerland, Austria | Across | Across | Primary | No | https://hbr.org/2018/01/how-and-where-diversity-drives-financial-performance | ||||||||||||||||
75 | The Competitive Advantage of Racial Equity | The analysis by FSG and PolicyLink is the result of a review of over 133 articles (grey literature and peer-reviewed articles), secondary research of over 65 companies, and interviews with over 50 individuals across 30 organizations including corporations, racial equity as well as experts in advancing equity in career, health, and wealth | Changing demographics are causing the buying power of people of color to increase much more quickly than that of White Americans. The buying power of Black and Latino people has consistently risen since 1990, and by 2018 is estimated to be $1.3 trillion and $1.6 trillion respectively. Also, the U.S. GDP could be 14 percent or $2 trillion higher, if the wage disparity between White employees and employees of color was eliminated. By 2019, a majority of youths under 18 will be of color, and by 2030 a majority of young workers will be people of color. A mere 10 years later, we will be a majority peopleof- color nation. This is a dramatic shift for an America that was 80 percent White as recently as the 1980s. | Racial | Report | Purchasing Power | Unknown | Consumers | ANGELA GLOVER BLACKWELL, MARK KRAMER, LALITHA VAIDYANATHAN, LAKSHMI IYER, AND JOSH KIRSCHENBAUM | FSG, PolicyLink | Oct 2017 | Racial Equity, Consumers, Purchasing Power, demographics | US | Across | Across | Primary & Secondary | Analysis of Peer Reviewed Articles | https://www.policylink.org/sites/default/files/The%20Competitive%20Advantage%20of%20Racial%20Equity-final.pdf | ||||||||||||||||
76 | How Diverse Leadership Teams Boost Innovation | Surveyed employees in 1,700 companies in eight countries (Austria, Brazil, China, France, Germany, India, Switzerland, and the US) across a variety of industries and company sizes. To gauge a company’s level of innovation, we looked at the percentage of total revenue from new products and services launched over the past three years. | The biggest takeaway we found is a strong and statistically significant correlation between the diversity of management teams and overall innovation. Companies that reported above-average diversity on their management teams also reported innovation revenue that was 19 percentage points higher than that of companies with below-average leadership diversity—45% of total revenue versus just 26%. | Gender, Age, Nation of Origin (meaning employees born in a country other than the one in which the company is headquartered), Career Path, Industry Background and Education | Thought Leadership | Innovation | Management Positions | Rocío Lorenzo, Nicole Voigt, Miki Tsusaka, Matt Krentz, and Katie Abouzahr | BCG | 2018 | Innovation | eight countries (Austria, Brazil, China, France, Germany, India, Switzerland, and the US | Across | Multiple | Primary | No | http://image-src.bcg.com/Images/BCG-How-Diverse-Leadership-Teams-Boost-Innovation-Jan-2018_tcm30-207935.pdf | |||||||||||||||||
77 | Multicultural Economy Report | The Multicultural Economy Report calculates the consumer buying power—or total income after taxes—for minority markets in the U.S.: African Americans, Asian Americans, Hispanics and Native Americans. | Minority Markets Have $3.9 Trillion Buying Power | Racial | Thought Leadership | Purchasing Power | Consumers | Selig Center for Economic Growth, a unit of UGA’s Terry College of Business | Selig Center for Economic Growth, a unit of UGA’s Terry College of Business | 2019 | Minority, Purchasing Power, Economic Report | US | N/A | N/A | Primary | https://www.newswise.com/articles/minority-markets-have-3-9-trillion-buying-power | ||||||||||||||||||
78 | Retaining a diverse workforce: the impact of gender‐focused human resource management | Demography theory suggests that high gender diversity leads to high turnover. As turnover is costly, we tested the following: a main effect prediction derived from demography theory, and a moderating effect prediction derived from the relational framework. Data on 198 publicly listed organisations were collected through a human resources decision‐maker survey and archival databases. | The results indicate that higher gender diversity leads to lower turnover in organisations with many gender‐focused policies and practices. Findings suggest that organisations can lower their turnover rates by increasing their gender diversity and by implementing gender‐focused policies and practices. | Gender | Journal Article | Lower Turnover | Employees | Muhammad Ali Isabel Metz Carol T. Kulik | Human Resource Management | 2015 | Gender Diversity, Turnover | US | Primary | Yes | https://onlinelibrary.wiley.com/doi/abs/10.1111/1748-8583.12079 | |||||||||||||||||||
79 | The Mix That Matters | BCG and the Technical University of Munich surveyed diversity managers, HR executives, and managing directors at 171 German, Swiss, and Austrian companies. The survey was conducted during the second half of 2016. Among the companies that took the survey, one-third had fewer than 1,000 employees, one-quarter had more than 10,000, and 42% had from 1,000 to 10,000. The companies represented a wide variety of industries, including chemicals, technology, consumer goods, finance, and health care. | In our study, companies with Blau index scores above 0.59 (above the median) have generated 38% more of their revenues, on average, from innovative products and services in the most recent three-year period than did companies below the median. | Gender, Race, Industry Background, Country of Origin, Career Path | Thought Leadership | Innovation | openness to contributions from lower-level workers and an environment in which employees feel free to speak their minds are crucial in fostering innovation. | Managers | Rocío Lorenzo , Nicole Voigt , Karin Schetelig , Annika Zawadzki , Isabelle Welpe , and Prisca Brosi | BCG and the Technical University of Munich | 2017 | Innovation | 171 German, Swiss, and Austrian companies | Multiple | Multiple | Primary | No | https://www.bcg.com/publications/2017/people-organization-leadership-talent-innovation-through-diversity-mix-that-matters.aspx | ||||||||||||||||
80 | The Other Diversity Dividend | A comprehensive data set of every VC organization and investor in the United States since 1990 | An examination of demographics and investment decisions among VC firm teams from 1990-2018 found that diversity improved profitable investments at the individual portfolio-company level and overall fund returns. Teams that shared the same ethnicity experienced a lower success rate for investments: 26.4%, compared to 32.2% for diverse teams | Race, Gender | Article | Financial | VC- Investors | Paul Gompers and Silpa Kovvali | Harvard Business Review | 2018 | Investment, VC, Financial | US | VC | Multiple | Primary | No | https://hbr.org/2018/07/the-other-diversity-dividend | |||||||||||||||||
81 | Board of Directors’ Diversity, Creativity, and Cognitive Conflict: The Role of Board Members’ Interaction | In this study, we examine the relationship between board diversity in terms of member background and personality (deep-level diversity) and board creativity and cognitive conflict, controlled for the mediating role of board members’ interactions. Using a sample of 385 Norwegian companies, the results provide strong support for the notion that the higher the level of board diversity with respect to the board members’ backgrounds and personalities, the higher the degree of board creativity and cognitive conflict during the decision-making process | In a study on the decision-making behaviors of board directors, “deep-level diversity” (i.e., differences in background, personality, and values) contributed to a higher degree of creativity | Gender, Background, Personality | Journal Article | Innovation | Board of Directors | Mariateresa Torchia, Andrea Calabrò, and Michèle Morner | International Studies of Management & Organization | 2015 | Board of Directors, Innovation, Creativity | Norway | Multiple | Multiple | Primary | Yes | https://www.tandfonline.com/doi/abs/10.1080/00208825.2015.1005992?journalCode=mimo20& | |||||||||||||||||
82 | Is There a Method to the Madness: Examining How Racioethnic Matching Influences Retail Store Productivity | Using multisource data pertaining to 739 stores of a U.S. retailer, the results indicate a positive effect of racioethnic representativeness on productivity, which is accounted for by improved customer satisfaction. | When a workforce reflects the racial/ethnic diversity of its consumer base, employee productivity increases. Using multisource data pertaining to 739 stores of a U.S. retailer, the results indicate a positive effect of racioethnic representativeness on productivity, which is accounted for by improved customer satisfaction. | Race | Journal Article | Teamwork & Productivity | Employees | Derek R. Avery, Patrick F. McKay, Scott Tonidandel, Sabrina D. Volpone, and Mark A. Morris | Personnel Psychology | 2012 | Racial Diversity, Employee productivity, customer satisfaction | US | Retail | Multiple | Primary | Yes | https://onlinelibrary.wiley.com/doi/full/10.1111/j.1744-6570.2011.01241.x | |||||||||||||||||
83 | Irving L. Janis' Victims of Groupthink | This article reviews the Groupthink work conducted by Irving L. Janis and the theory in view of its place within the field of group dynamics, the research work that followed Janis's original formulation, and the implications of groupthink researchf or the cruicial question on the conditions that foster high- or low-quality decision-making. | While homogenous groups may be susceptible to groupthink, diverse teams can leverage a greater variety of perspectives and are likely to consider information more thoroughly and accurately. | Multiple | Journal Article | Teamwork & Productivity | Employees, Management | Paul't Hart | Political Psychology | 1991 | Groupthink, homogeneity | US | Multiple | Multiple | Primary | Yes | https://www.jstor.org/stable/3791464?seq=1 | |||||||||||||||||
84 | Innovation, Diversity, and Market Growth | 75 global corporations and organizations that constitute the Task Force, representing six million employees and operating in 192 countries around the world | When teams have one or more members who represent the gender, ethnicity, culture, generation, or sexual orientation of the team’s target end user, the entire team is far more likely (as much as 158% more likely) to understand that target, increasing their likelihood of innovating effectively for that end user. Ideas from women, people of color, LGBTs, and Gen-Ys are less likely to win the endorsement they need to go forward because 56% of leaders don’t value ideas they don’t personally see a need for—a veritable chokehold when an organization’s leaders are predominantly Caucasian, male, and heterosexual, and come from similar educational and socioeconomic backgrounds. In short, the data strongly suggest that homogeneity stifles innovation. Companies with diverse leadership are 75% more likely (35% vs. 20%) to see their ideas move through the pipeline and make it to the marketplace. | Gender, Race, Age, Sexual Orientation, Culture | Think Tank Article | Purchasing Power, Innovation | Ideas from women, people of color, LGBTs, and Gen-Ys are less likely to win the endorsement they need to go forward because 56% of leaders don’t value ideas they don’t personally see a need for—a veritable chokehold when an organization’s leaders are predominantly Caucasian, male, and heterosexual, and come from similar educational and socioeconomic backgrounds. In short, the data strongly suggest that homogeneity stifles innovation. | Employees, Management | Sylvia Ann Hewlett, Melinda Marshall, Laura Sherbin, and Tara Gonsalves | Center for Talent Innovation | 2013 | Purchasing Power, Innovation, Market Growth | Multiple | Multiple | Multiple | Primary | No | http://www.talentinnovation.org/publication.cfm?publication=1400 | ||||||||||||||||
85 | How Diversity Can Drive Innovation | In this research, which rests on a nationally representative survey of 1,800 professionals, 40 case studies, and numerous focus groups and interviews, we scrutinized two kinds of diversity: inherent and acquired. Inherent diversity involves traits you are born with, such as gender, ethnicity, and sexual orientation. Acquired diversity involves traits you gain from experience: Working in another country can help you appreciate cultural differences, for example, while selling to female consumers can give you gender smarts. | Employees of firms with diverse leadership are 45% likelier to report a growth in market share over the previous year and 70% likelier to report that the firm captured a new market. Inherent diversity involves traits you are born with, such as gender, ethnicity, and sexual orientation. Acquired diversity involves traits you gain from experience: Working in another country can help you appreciate cultural differences. Leaders who give diverse voices equal airtime are nearly twice as likely as others to unleash value-driving insights, and employees in a “speak up” culture are 3.5 times as likely to contribute their full innovative potential. When at least one member of a team has traits in common with the end user, the entire team better understands that user. A team with a member who shares a client’s ethnicity is 152% likelier than another team to understand that client. | Gender, Ethnicity, Sexual Orientation | Article | Financial Performance, Innovation, Teamwork | Management Positions | Sylvia Ann Hewlett , Melinda Marshall and Laura Sherbin | Harvard Business Review | 2013 | Financial Performance, Innovation, Teamwork | US | Multiple | Multiple | Primary | No | https://hbr.org/2013/12/how-diversity-can-drive-innovation | |||||||||||||||||
86 | Sex-Based Harassment in Employment: New Insights into Gender and Context | This work has focused mainly on sexual-advance forms of harassment, mainly in the lives of women. Less is known about the gender harassment of women, or about any kind of harassment of men. Extending this scholarship, we analyzed survey data from women and men working in three diverse domains: academia (N = 847), the court system (N = 1,158), and the military (N = 19,960). | Across all samples, the underrepresentation of women in a workgroup related to increased odds of women experiencing gender harassment, but not sexual-advance harassment. For men, the opposite pattern emerged: underrepresentation did not increase men's risk for either type of harassment, instead relating to decreased odds of harassment in some contexts. We interpret these results in light of theories of tokenism, gender stereotyping, and sex role spillover in organizations. Our findings support the recommendation that, to reduce harassment (whether it be illegal or legal, gender- or sexuality-based, targeted at women or men), organizations should strive for gender balance in every job at every level. For male-dominated contexts, this implies a need to recruit, retain, and integrate more women throughout the organizational hierarchy. | Gender | Journal Article | Retention, Access to Talent | Employees, Management Positions | Dana Kabat-Farr and Lilia M. Cortina | Department of Psychology, University of Michigan | 2013 | Sex-based Harassment | US | Academic, court system, military | Multiple | Primary | Yes | https://www.ncbi.nlm.nih.gov/pubmed/23914922 | |||||||||||||||||
87 | Women in STEM See More Gender Disparities at Work, Especially Those in Computer Jobs, Majority-Male Workplaces | These are some of the findings from a Pew Research Center survey with a nationally representative sample of 4,914 adults (including 2,344 STEM workers), ages 18 and older, conducted July 11-Aug. 10, 2017 and a Pew Research Center analysis of U.S. Census Bureau data. The survey, conducted online in English and in Spanish, included an oversample of employed adults working in science, technology, engineering and math fields. See Methodology for details. | Women with advanced degrees in the STEM workforce are more likely to see inequities at work About half of women in STEM workplaces with a majority of men think their gender has made it harder to succeed in their job About half of women in STEM consider discrimination a major factor behind women’s limited representation in STEM occupations Most Americans value gender diversity at work; more than four-in-ten say diversity contributes to organizational success | Gender | Journal Article | Retention, Access to Talent | Employees, Management Positions | Cary Funk and Kim Parker | Pew Research Center | 2018 | STEM, Gender | US | STEM | Multiple | Primary | Yes | https://www.pewsocialtrends.org/2018/01/09/women-in-stem-see-more-gender-disparities-at-work-especially-those-in-computer-jobs-majority-male-workplaces/ | |||||||||||||||||
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