Sunday, August 23, 2015

Diversity harms share values

It's no wonder feminists and SJWs hate science. All it does is deliver bad news:
This paper examines the relationship between board diversity and firm performance. Using 14 years of panel data on U.S. firms, we show that increasing gender diversity has no impact on objective measures of firm performance, but does result in a systematic decrease in the firm’s market value. We explain this finding by suggesting that the decision to appoint female directors will alter the market’s perception of the appointing firm. In a second panel study, we show that firms perceived to be committed to diversity similarly suffer a decrease in firm value. Finally, we show through an experiment that female board appointments are taken as a signal that the firm is motivated by social performance goals, to the detriment of pure profit maximization. 
In the forthcoming SJWS ALWAYS LIE, I explain this as the inevitable Impossibility of Social Justice Convergence. Which means, to put it simply, is that any organization which is invaded by SJWs and directed towards social justice goals loses its ability to perform its primary function as a direct consequence of its new SJW-imposed priorities.


Matamoros said...

Just think what Carly or Hilary could do for the country in terms of running it further into the ground.

b1bae96e-6447-11e3-b6bb-000f20980440 said...

Doesn't this feed the SJW narrative? There is no objective difference between men and women, but there is a structural anti-female bias in the market.

It would also seem to suggest that if you had a few billion dollars you might consider leverage buyouts of companies with gender neutral boards and then replace them with an all male team who wouldn't perform any better, but would see market gains just by being perceived as more serious.

Jack Amok said...

My wife volunteers on the board of a local non-profit. This weekend I helped on a little project that involved working with another non-profit. The other non-profit's board was 100% women.

Holy fuck.

The concepts of time-management, depencencies, communication of requirements, coordination of efforts, attention to detail... completely absent. None of them thought in terms of how their effort helped the overall event, they were just ditzing away in their own little world. Simple things like making sure the already-assembled display rack fit in the bed of the truck they brought (it didn't, we had to dissasemble it, transport it in pieces and reassemble it at the venue). Or not having any idea how much to charge for one of the major items being sold. Not clearing crap out of the way before attempting to set up. Moving more crap into the way while people were trying to set up. Stopping to gab when they were already late getting something important done and holding up other people.

Michael Maier said...

The longer I live, the more I'm convinced women are functionally retarded in the real world, especially as managers. They're fucking clueless. They're yapping parasites.

JCclimber said...

I only volunteer for charity work under certain conditions:
1) I'm in charge of the effort, and what I say is how things will be, although I'll listen to advice, the decision is mine.
2) I'm the head of the charity in one form of title or another.

Works for my family for the last 10 years. What amazes me is how willingly people have gone along with it, ESPECIALLY the women. On second thought, the men are usually willing to help as well, probably because of the subsequent lack of drama in these events.

You may not have been in the situation where you have the ability to make one or the other of the conditions above, but it is certainly worth a try.

D. Lane (#0067) said...

Clearly the market is sexist. It has to be.

bob k. mando said...

considering that BoD have little to nothing to do with the daily to quarterly operations of the corp, being primarily executive oversight and strategic direction ... and napping, i'm not even sure how having a couple of wimminz on the board would have a significant impact on bottom line profitability.

curious that they link it to lower stock price though.

how many investors look up the BoD before purchasing stock? i've never even heard of doing that before. it's certain the Technical and stock timing guys aren't doing it.

ajw308 (#98) said...

It's not an indicator to the market that affects the price, it's an indicator of the decision making process at a high level that affects market price through sub optimal decisions.

corvinus333 said...

Apple and Starbucks stock have both been kicked in the teeth lately in the current stock market rout. Starbucks hasn't been reported on, however.

Bob said...

"i'm not even sure how having a couple of wimminz on the board would have a significant impact on bottom line profitability."

Presuming their "strategic direction" is directives for the workforce to implement and enforce SJW friendly policies. Quotas for hiring women etc.

maniacprovost said...

The fallacy in this research is "objective" measures of the firms performance. If there were indeed objective measures of performance, agreed upon by all, we would have a rational market without so much volatility.

GAAP profits? non-GAAP profits? Return on capital? Book value? Some things take a decade to manifest, especially entry-level hiring policies.

Jack Amok said...

You may not have been in the situation where you have the ability to make one or the other of the conditions above, but it is certainly worth a try.

Oh, by and large I don't volunteer very often and when I do it's usually in a role that is going to be fun regardless (I'm a frequent bartender for their fundraisers, for intstance). And overall, I have my own plans for what this non-profit can do in the grand scheme of things (vocational education to teach kids how to design, machine, and manufacture actual things) that makes some amount of time investment worthwhile. This weekend was just a "show the flag" sort of deal, and aside from having to dismantle the display racks, I wasn't personally put out. And my wife apologized quite profusely for the fiasco. I just found it amusing how perfectly these women fit the stereotypes.

But your guidlines are good rules to go by. Most local "voulnteers" are people who have time to volunteer precisely because nobody is willing to pay for their incompetence. On the one hand, I'd like to nuke the whole ecosystem for these petty gynocracies, but on the other hand, it gives them something to do that is mostly harmless.

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Vincent Castrillo said...

Why the f do we need "science" to confirm any of this? If you disabled transgendered black-Asian basketball coach tells you you have to pick a girl and that goofy kid who still wets the bed for your team while the other coach just takes the best boys at his school, you will get obliterated and quit the team. This is AMerica now.

Vincent Castrillo said...

Look for the next "progressive" push to be for affirmative purchases and patronage. They were surprised that a struggling HP would lose even more ground with a moron chick at its head? Amazed that business partners and investors would think affirmative action and diversity hires would DECREASE value to those firms? It is racism, etc and must be eliminated?!!

But how can we achieve this noble and totally not played out clusterfuk goal?

1)Institute an even more progressive South African inspired minority mandate for not only boards, employees, and management, but also for ownership.
2)All firms must do X amount of business with the most diverse companies.
3)And must refrain from all business with those who are not bending over and saying hurt it daddy.

Problem solved.

Ron said...

This is exactly why government meddling is a nightmare. None of this idiocy is a problem, right up until the moment that government mandated that companies who specifically don't hire women must be punished.

Well, there is a solution to that too. If the US government has no respect for those of us who produce, then we can get up, move out and go somewhere where we are respected and wanted. Fuck their little kleptocracy. For a man that has balls and brains, there are legal ways around all this bullshit.

JP said...

When you over-diversify your stock portfolio, you don't ever outperform the market. You just sort of putter along, rising and falling with the all-share index while everyone else gets rich. The same applies to diversity uber alles.

JCclimber said...

I must confess that I expected more from Janet Yellen during her tenure as head of the Federal Reserve.

I expected that she would have completely destroyed our economy by now, but I guess that is going to take her a bit longer, probably mostly through inaction and dithering, rather than concerted action.

Kirk Parker said...

bob k.,

"how many investors look up the BoD before purchasing stock? i've never even heard of doing that before"

You're not an investor, right?

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