摘要：Quantile models are used to test the association between management team gender, ethnic and educational diversity and firm performance, employing an IV technique developed by Chernozhukov and Hansen (2008) to address the potential endogeneity issues. Estimated associations between measures of diversity and firm EBITDA margins are close to zero across much of the dependent variable distribution, but increase in magnitude for higher margin firms. No evidence of a statistically significant causal relationship between gender and ethnic diversity and firm EBITDA margins is found. Marginal evidence of a statistically significant association between margins and educational diversity is found for high margin firms.
