This April 2012 study by McKinsey (http://www.mckinseyquarterly.com/newsletters/chartfocus/2012_10.html) says YES. The report says that “Between 2008 and 2010, companies with more diverse top teams were also top financial performers.” For companies ranking in the top quartile of executive-board diversity (defined for this study as women and foreign nationals/cultural deviersity), returns on equity (ROE) were 53 percent higher, on average, than they were for those in the bottom quartile. Results were similar across all but one of the countries studied (except France). This evidence shows that varied cultural backgrounds and life experiences can broaden a company’s strategic perspective.
Please note universities and colleges – here is more evidence to develop teamwork in students and enhance diversity initiatives!