A McKinsey report claimed a strong link between diversity and earnings before interest and tax (EBIT) using a certain methodology. However, it is important to note that correlations between company performance and diversity are not always clear-cut.
Investors should be more interested in total shareholder return (TSR) as this is the actual measure of performance that they get from investing in a company. It is crucial to approach claims of diversity with critical thinking and not simply accept them without question.
To make studies look more favorable towards a certain outcome, there are many ways in which they can be manipulated. It is essential to take off your blinkers and carefully examine the evidence before accepting any claim about diversity without further investigation.