Exploring the correlation between diversity and financial performance: an empirical study
by Mengsteab T. Beraki; Mussie T. Tessema; Parag Dhumal; Kathryn J. Ready; Sebhatleab Kelati
International Journal of Business Performance Management (IJBPM), Vol. 23, No. 1/2, 2022

Abstract: Although a myriad of studies has been conducted on workforce diversity issues, only a handful of studies have examined the correlation between diversity-related values and the financial performance of companies. This study examines this relationship by testing the extent to which diversity-related values are correlated with the financial performance of publicly traded companies using companies listed on the New York Stock Exchange. Companies were grouped into primary, secondary, and tertiary sectors for the analysis. The findings reveal that the diversity value dimension is positively correlated with companies' financial performance. No significant differences were found between the commitment to diversity value dimension and the three sectors. Implications of these findings and future research directions are discussed.

Online publication date: Thu, 09-Dec-2021

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