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Does an Ethnically Diverse Board Mean Better Stock Performance?

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Does an Ethnically Diverse Board Mean Better Stock Performance?

The report details the relationship between the ethnic diversity of corporate boards and equity performance, tested by Calvert using data from 2012-2020. Calvert found a significant relationship between the degree of corporate board ethnic diversity relative to country demographics and monthly equity performance. Our research suggests that using ethnic diversity factors can improve U.S. large-cap equity stock selection, and there may be additional benefit in tilting toward more ethnically diverse companies across all four developed markets.
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By Yijia Chen, CFAESG Quantitative Research Analyst, Calvert Research and Management

The report details the relationship between the ethnic diversity of corporate boards and equity performance, tested by Calvert using data from 2012-2020. Calvert found a significant relationship between the degree of corporate board ethnic diversity relative to country demographics and monthly equity performance. Our research suggests that using ethnic diversity factors can improve U.S. large-cap equity stock selection, and there may be additional benefit in tilting toward more ethnically diverse companies across all four developed markets.

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