Identity, Diversity, and Team Performance: Evidence from US Mutual Funds

• 成果类型: Article
• 署名作者: Evans, Richard B.; Prado, Melissa Porras; Rizzo, A. Emanuele; Zambrana, Rafael
• 署名单位: University of Virginia; Universidade Nova de Lisboa; University of Notre Dame
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2022.00544
• 发表日期: 2025
• 关键词: Mutual fund; teams; Dispersion in beliefs; IDENTITY; diversity; Labor incentives; Political ideology; Campaign Contributions; polarization; Pacs

摘要

We examine team diversity and performance in the asset management industry through the lens of identity. Focusing on political ideology as the relevant dimension of identity, we find that diverse teams outperform homogeneous teams. The mechanism involves both improved decision making due to more diverse perspectives and increased monitoring by heterogeneous team members. The benefits of ideological diversity are undone when political polarization is higher, consistent with increased intrateam conflict. In examining why less diverse teams are prevalent in asset management, we find entrenched managers prefer homogeneous teams, and the local labor market supply of ideologically diverse managers is constrained.