Researchers examined the relationship between level of diversity at leadership levels and the company financial performance. Diversity was defined as women and people of color. There was a statistically significant relationship between a more diverse leadership team and better financial performance. Companies with leadership in the top 25% of racial diversity were 30% more likely to have financial returns above their industry median. Companies with lower than average diversity were lagging in financial returns.
Hunt, Vivian; Layton, Dennis; and Prince, Sara, "Diversity Matters" (2014). Legal Profession. 2.