I haven't read all these studies but wonder if they claim causality or mere correlation. I see lots of correlation, which could be reverse correlation in disguise. Companies that are on a good trajectory decide to engage in more DEI than companies that are fighting to survive. Analysts conclude that DEI and success are correlated. They don't consider the possibility that the causal arrow runs the other way.
True, and it could even be as simple as: well-educated people make companies more successful, and they pursue diversity more, compared to other people -- i.e., one input has these two outputs.
