Ethnic diversity and firm performance: Evidence from India

Sefa Awaworyi Churchill, Yeti Nisha Madhoo and Shyam Nath

ASARC Working Papers from The Australian National University, Australia South Asia Research Centre

Abstract: We examine if the financial performance of firms in India depends on the level of ethnic diversity in the state or district in which they operate. Thus, using data on 1,199 listed firms in the materials, industrial and infirmation technology sectors in India, we examine the impact of ethnic diversity on various measures of firm financial performance. Based on indices of fractionalization calculated for 15 states and 74 districts in which these firms operate, we find evidence of negative effects of ethnic diversity on firm performance. These results are robust to endogeneity and alternative ways of measuring diversity.

Keywords: Environmental governance; fiscal decentralization; atmospheric pollution; spillover effects; non-point source pollution; India (search for similar items in EconPapers)
JEL-codes: J15 L25 (search for similar items in EconPapers)
Pages: 20
Date: 2022
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-env, nep-sbm and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:pas:asarcc:2022-01

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