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- Title
Do Pro‐Diversity Policies Improve Corporate Innovation?
- Authors
Mayer, Roger C.; Warr, Richard S.; Zhao, Jing
- Abstract
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.
- Subjects
INNOVATIONS in business; NEW product development; HUMAN capital; BUSINESS planning; CAPITAL
- Publication
Financial Management (Wiley-Blackwell), 2018, Vol 47, Issue 3, p617
- ISSN
0046-3892
- Publication type
Article
- DOI
10.1111/fima.12205