According to the study, which analyzed more than 800 large-cap companies in the United States, United Kingdom, Canada and Australia from 2012 to 2020, companies with greater board diversity may in fact be better stock picks. For U.S. companies, the study found, racial and ethnic diversity on the corporate boards of large-caps had a significant positive impact on stock price: The difference in returns between stocks of companies with the highest number of people of color on their boards and those with the least was 1.5%. Calvert measured stock prices using the MSCI’s Gross Total Returns database, which includes dividends, and the returns were calculated on a monthly basis, then annualized.
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