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Effect of corporate diversity strategy and corporate size on equity value during the COVID-19 pandemic
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Mosie C. C. Molate 
, Collins C. Ngwakwe , Kgobalale N. Motubatse
This work is licensed under a Creative Commons Attribution 4.0 International License.
Abstract
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.
Keywords: Competitive Advantage, Corporate Diversity, Equity Value, Firm Size, Pandemic, Resource-Based Theory
Authors’ individual contributions: Conceptualization — M.C.C.M., C.C.N., and K.N.M.; Methodology — M.C.C.M., C.C.N., and K.N.M.; Formal Analysis — M.C.C.M., Investigation — M.C.C.M.; Data Curation — M.C.C.M.; Writing — M.C.C.M., C.C.N., and K.N.M.; Supervision — C.C.N. and K.N.M.
Declaration of conflicting interests: The Authors declare that there is no conflict of interest.
JEL Classification: L21, L25, M40
Received: 24.12.2024
Revised: 13.04.2025; 01.06.2025; 31.07.2025
Accepted: 14.08.2025
Published online: 18.08.2025
How to cite this paper: Molate, M. C. C., Ngwakwe, C. C., & Motubatse, K. N. (2025). Effect of corporate diversity strategy and corporate size on equity value during the COVID-19 pandemic. Corporate Board: Role, Duties and Composition, 21(2), 92–101. https://doi.org/10.22495/cbv21i2art8
