Replication Data for: Employee Demographic Diversity and Firm Performance

This paper examines the relationship between employee demographic diversity and
firm performance measured by future stock returns for a large sample of U.S. public
companies. We use novel demographic data extracted from employees’ online profiles
and resumes and focus on three key aspects of employee demographic diversity: age,
gender, and ethnicity. We find no evidence supportive of an outperformance associated
with greater employee-diverse companies, neither using portfolio-sorting approaches
nor cross-sectional and panel regressions. We also find no significant associations between employee demographic diversity and ROE, gross profit, and labor productivity.