Interessante Datenaufarbeitung mit klarer Aussage: Systematische Diskriminierung schadet der Performance von Unternehmen massiv und schwächt ganze Volkswirtschaften.
Ein Anlass der Untersuchung ist der Muslim-Travel-Ban in den USA, Untersuchungsgegenstand die Diskriminierung und der Ausschluss von Juden aus Unternehmen im Dritten Reich.
“Using newly collected data, we show that firms that had employed managers of Jewish origin were unable to replace them adequately. Stock prices, dividends, and returns on assets of these firms declined after 1933, relative to unaffected firms, and did not recover for at least 10 years, the end of our sample period. Stock prices only fell for firms that lost highly qualified managers with specific characteristics, including university education and connections to other firms. A back‐of‐the‐envelope calculation suggests that expelling managers of Jewish origin reduced the overall market valuation of firms listed in Berlin by 1.8 percent of German gross national product. This sizable decrease shows that individual managers have large effects on firm performance and that a discriminatory ideology can lead to direct economic losses.”
Discrimination, Managers, and Firm Performance: Evidence from “Aryanizations” in Nazi Germany Before the rise of the Nazis, managers of Jewish origin played a key role in the German economy and were assimilated into the German economic elite.