Diversity as value driver in Euro Stoxx 50 companies

Raul Gómez-Martínez, María Luisa Medrano-García
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Abstract

PurposeCorporate diversity encompasses the different talents, knowledge, cultures, experiences and values of its employees. This diversity is reflected in multiple characteristics, such as race, age, gender, social class, religion, sexual orientation, ethnicity, culture and disability. The objective of this study is to identify if diversity is a value driver.Design/methodology/approachWe take the diversity score from the Diversity Leaders Index 2023 published by Financial Times (FT) and Statista; this will be our independent variable in linear regression models whose objective variables are relevant fundamental indicators of the Euro Stoxx 50 companies. It is, therefore, a cross-sectional sample with financial data taken as of the current date. We have 37 Euro Stoxx 50 components included in the diversity ranking.FindingsThe results indicate that diversity is not a value driver for trading volume, for its revenue, or for systematic risk measured by the beta parameter. However, it is observed, in a confidence interval of 90%, that the most diverse companies are larger (according to their market capitalization). In addition, the most diverse companies are more profitable [return on assets (ROA)] and valued by the market [price to earnings ratio (PER)] in a confidence interval of 95%.Originality/valueThese results indicate that companies should promote corporate diversity as a management strategy, as it is observed that more diverse companies are more profitable and valued by the market. This study provides a quantitative vision in the context of homogeneous companies such as the Euro Stoxx 50 Index on the aspects in which diversity is a value driver.
多元化是欧洲斯托克 50 指数公司的价值驱动力
宗旨企业多样性包括员工的不同才能、知识、文化、经验和价值观。这种多样性体现在多种特征上,如种族、年龄、性别、社会阶层、宗教、性取向、民族、文化和残疾。我们从《金融时报》(FT)和 Statista 发布的 "2023 年多元化领导者指数"(Diversity Leaders Index 2023)中提取了多元化得分;这将成为线性回归模型中的自变量,其客观变量是欧洲斯托克 50 指数公司的相关基本指标。因此,这是一个截面样本,财务数据取自当前日期。结果表明,多样性并不是交易量、收入或贝塔参数衡量的系统性风险的价值驱动因素。然而,在 90% 的置信区间内,可以观察到最多样化的公司规模更大(根据其市值)。此外,在 95% 的置信区间内,多元化程度最高的公司盈利能力更强 [资产收益率 (ROA)],市场价值更高 [市盈率 (PER)]。本研究从同质公司(如欧洲斯托克 50 指数)的角度,对多元化成为价值驱动力的各个方面进行了定量分析。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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