Employee demographic diversity and firm performance

A. Garel (), B. Bart Frijns and S. Shushu Liao
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A. Garel: Audencia Business School

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Abstract: This article examines the relationship between employee demographic diversity and firm performance measured by future stock returns for a large sample of US public companies. We use novel demographic data extracted from employees' online profiles and resumes and focus on three key aspects of employee demographic diversity: age, gender, and ethnicity. We find no evidence supportive of an outperformance associated with greater employee-diverse companies, neither using portfolio-sorting approaches nor cross-sectional and panel regressions. We also find no significant associations between employee demographic diversity and ROE, gross profit, and labor productivity.

Keywords: employee demographic diversity; diversity; performance; finance; non-result (search for similar items in EconPapers)
Date: 2024-10
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Published in Financial Management, 2024, ⟨10.1111/fima.12484⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04768487

DOI: 10.1111/fima.12484

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