Energy, materials and real estate firms are not reaping the “diversity dividend” which links multiracial management to better profitability, a new study of companies across eight industry sectors from shareholder activist group As You Sow shows.

In an analysis of employment demographic data over a five-year period, the benefits of diversity were “not observed” in traditionally male- and White-dominated sectors such as utilities and industrials. In fact, the more Black, indigenous, and other people of color (BIPOC) management these sectors had, the poorer the performance of some of their financial metrics.