A study by Stanford University, Northwestern University, Dartmouth College and the Hong Kong University of Science and Technology found investors are more likely to bet that a company will see its stock prices rise if it reported “higher-than-average” gender diversity among its staff.
The study’s authors, David P. Daniels, Jennifer E. Dannals,Thomas Z. Lys and Margaret A. Neale, found a positive correlation between press announcements of companies’ gender diversity achievements and a rise in stock prices for those companies. They looked at investor reactions to approximately 60 gender diversity announcements for companies in the tech and financial sectors between 2014 and 2018.
The study also included qualitative research through a survey of participants. All who participated in the test reported they had some kind of managerial experience.