Do Pro‐Diversity Policies Improve Corporate Innovation?
研究发现，促进女性和少数族裔多样性的企业文化政策能提升企业未来的创新效率，尤其在衰退期和治理良好的企业中效果更强，并通过创新效率提升企业价值。
Abstract Using new product announcements, patents, and patent citations as measures of corporate innovation, we find that corporate policies that promote more pro‐diversity cultures, specifically treatment of women and minorities, enhance future innovative efficiency. This positive effect is stronger during economic downturns and in firms that are more innovative, value intangibles and human capital more highly, have greater growth options, have higher cash flow, and have stronger governance. Pro‐diversity policies also increase firm value via this stimulating effect on innovative efficiency. Our results suggest a channel through which workforce diversity may enhance firm value.