Effect of corporate diversity strategy and corporate size on equity value during the COVID-19 pandemic

The effect of firm size and diversity strategy on equity value during COVID-19 is examined in this study. This objective was pursued following the quantitative approach and controlling for corporate entities’ marketing expenses, age, and leverage. Data from the top 100 companies prospering in the pandemic, listed by the Financial Times, was quantified. Using a purposive sampling technique, we drew a sample of 74 global companies and collected secondary data from the financial years 2019 to 2021. Diversity did not significantly impact equity value, but firm size did (p < 0.05). The research contributes new insights to business resources management and corporate diversity literature and provides recommendations for lawmakers regarding diversity and inclusion policies in the workplace. Moreover, this study is an eye-opener to those involved in planning for equity value generations to consider business environments seriously. To improve the flexibility of individual firms in times of crisis, tailored solutions are required (Dejardin et al., 2023). Practical results from the research emphasise the necessity of size-specific policies and diversity alignment to increase firm resilience.