We provide large-sample evidence on whether U.S. publicly traded corporations use voluntary disclosures about their commitments to employee diversity opportunistically. We document significant discrepancies between companies' external stances on diversity, equity, and inclusion (DEI) and their hiring practices. Firms that discuss DEI excessively relative to their actual employee gender and racial diversity (“diversity washers”) obtain superior scores from environmental, social, and governance (ESG) rating organizations and attract more investment from institutional investors with an ESG focus. These outcomes occur even though diversity-washing firms are more likely to incur discrimination violations and have negative human-capital-related news events. Our study provides evidence consistent with growing allegations of misleading statements from firms about their DEI initiatives and highlights the potential consequences of selective ESG disclosures.

中文翻译：

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 多样性清洗


我们提供了大量样本证据，证明美国上市公司是否适时地利用自愿披露其对员工多元化的承诺。我们记录了公司对多元化、公平性和包容性 （DEI） 的外部立场与其招聘实践之间的重大差异。相对于其实际员工性别和种族多样性（“多元化清洗者”）过度讨论 DEI 的公司从环境、社会和治理 （ESG） 评级组织获得高分，并吸引更多以 ESG 为重点的机构投资者的投资。即使清洗多样性的公司更有可能违反歧视并发生与人力资本相关的负面新闻事件，这些结果也会发生。我们的研究提供了与越来越多的公司对其 DEI 计划进行误导性陈述的指控相一致的证据，并强调了选择性 ESG 披露的潜在后果。