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Demographic Diversity as Network Connections: Homophily and the Diversity-Performance Debate

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Demographic Diversity as Network Connections:

Homophily and the Diversity-Performance Debate

The MIT Faculty has made this article openly available. Please share

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Citation Reagans, Ray. "Demographic Diversity as Network Connections:

Homophily and the Diversity-Performance Debate." Chapter 11 in: "The Oxford Handbook of Diversity and Work." Edited by Quinetta M. Roberson, London: Oxford University Press, 2013. (Oxford Library of Psychology)

As Published http://www.oup.com/us/catalog/general/subject/

Psychology/IndustrialOrganizationalPsycholo/? view=usa&sf=toc&ci=9780199736355

Publisher Oxford University Press

Version Author's final manuscript

Citable link http://hdl.handle.net/1721.1/72046

Terms of Use Creative Commons Attribution-Noncommercial-Share Alike 3.0

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(10)

! )! !"#$%&'"()*+,-./0(1&$2( _*+8#!$%./!'#.#(',*#'.!*(-#!<%,E.#9!%5!/*#!)%.+/+-#!(..%,+(/+%5!=#/2##5! 9#$%&'()*+,!.+$+8('+/0!(59!/+#!./'#5&/*K!(!.$(88!=E/!&'%2+5&!5E$=#'!%<!.,*%8('.!*(-#! <%,E.#9!%5!/*#!,%59+/+%5.!2*#5!9#$%&'()*+,!.+$+8('+/0!2+88!*(-#!(!5#&(/+-#!#<<#,/!%5! /*#!./'#5&/*!%<!(!5#/2%'3!,%55#,/+%5!S>#(&(5.!(59!YE'/K!]PP][!>#(&(5.K!]PPb[!"E&E+9! #/!(8D!]PUP[!?,f+55!h!?+83$(5K!]PUP[!^%09!]PUUTD!@59##9K!2*+8#!.,*%8('.!#$)*(.+L#!/*#! )%.+/+-#!(..%,+(/+%5!=#/2##5!9#$%&'()*+,!.+$+8('+/0!(59!/+#!./'#5&/*K!/*#!(-(+8(=8#! #$)+'+,(8!#-+9#5,#!+59+,(/#.!/*(/!.*('+5&!(!9#$%&'()*+,!,*('(,/#'+./+,!+5,'#(.#K!'#9E,#K! %'!*(-#!5%!#<<#,/!(/!(88!%5!/+#!./'#5&/*!S>#(&(5.K!]PPb6!UO`V:UO\UTD!Z8.#2*#'#K!@! 9#-#8%)#9!(5!('&E$#5/!/*(/!.%E&*/!/%!#G)8(+5!-('+(/+%5!+5!/*#!(..%,+(/+%5!=#/2##5! 9#$%&'()*+,!.+$+8('+/0!(59!/+#!./'#5&/*!(.!(!<E5,/+%5!%<!/*'##!9+./+5,/!,(E.(8! $#,*(5+.$.6!S(T!.%$#!=(.#8+5#!8#-#8!%<!+5/#')#'.%5(8!(//'(,/#9!(..%,+(/#9!2+/*!.*('+5&!(! 9#$%&'()*+,!,*('(,/#'+./+,K!S=T!(!)%.+/+-#!#<<#,/!9E#!/%!+5:&'%E)!+9#5/+<+,(/+%5K!(59!S,T!(! 5#&(/+-#!#<<#,/!9E#!/%!+5:&'%E)!'+-(8'0!(59!,%$)#/+/+%5!S>#(&(5.!(59!YE'/K!]PP][! >#(&(5.K!]PPb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

(11)

! *+! (..%,+(/#9!2+/*!+5:&'%E)!,%$)#/+/+%5!+.!'+.+5&TD!X.!/*#!&'%E)!,%5/+5E#.!/%!&'%2!+5!.+L#! (59!./('/.!/%!'#)'#.#5/!(!)8E'(8+/0!%<!+59+-+9E(8.!+5!/*#!%'&(5+L(/+%5(8!E5+/K!/*#!#<<#,/! (..%,+(/#9!2+/*!.*('+5&!(!,*('(,/#'+./+,!,%E89!/E'5!5#&(/+-#!S/*#!5#&(/+-#!'+-(8'0!#<<#,/!+.! 8('&#!#5%E&*!/%!%<<.#/!/*#!=(.#8+5#!8#-#8!%<!(//'(,/+%5!(59!/*#!)%.+/+-#!+9#5/+<+,(/+%5! #<<#,/TD!@<!&'%E)!$#$=#'.!'#)'#.#5/!(!$(g%'+/0!%<!/*#!E5+/!S(59!/*#!,*('(,/#'+./+,! 9#<+5+5&!+5:&'%E)!$#$=#'.*+)!+.5H/!,%5.%8+9(/#9!2+/*!%/*#'!9#$%&'()*+,! ,*('(,/#'+./+,.TK!.*('+5&!(!9#$%&'()*+,!,*('(,/#'+./+,!.*%E89!*(-#!5%!#<<#,/!%5!/+#! ./'#5&/*D!BE))%'/+5&!#-+9#5,#!*(.!=##5!9%,E$#5/#9!*(.!=##5!9%,E$#5/#9!($%5&! +5-#./$#5/!=(53#'.!S>#(&(5.!(59!YE'/K!]PP]TK!'#.#(',*!.,+#5/+./.!S>#(&(5.K!]PPb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

(12)

! **! 2*#5!FE(8+/0!+.!5%/!(5!+..E#D!R%'!#G($)8#K!/*#!<#$(8#!$(5(&#'!$+&*/!(-%+9!(9-%,(/+5&! <%'!(5%/*#'!<#$(8#!%E/!%<!,%5,#'5.!<%'!())#('+5&!=+(.#9!+5!/*#!#0#.!%<!*#'!$(8#! ,%88#(&E#.!S^%09K!]PUUTD! ! <%+7.*=-.$2( X!$%'#:.%,+%8%&+,(8!#G)8(5(/+%5!<%'!*%$%)*+80!&+-#.!,(E.(8!)'+%'+/0!/%!=#+5&!)'%G+$(/#! +5!/+$#!(59d%'!.)(,#!SR#./+5&#'!#/!(8D!UVbP[!R#89!UV\]K!UV\c[!?,;*#'.%5!#/!(8D!]PPU[! @5&'($!(59!?%''+.!]PP`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bPTK!5#+&*=%'*%%9.!S?%E2!(59!Z5/2+.8#! ]PPWTK!-%8E5/('0!%'&(5+L(/+%5.!S?,;*#'.%5!(59!B$+/*:^%-+5!UV\WK!UV\`TK!.#(/+5&! (''(5&#$#5/.!S4(89+#'(!(59!;(//#'.%5!UV\`TK!(59!='#(3!.,*#9E8#.!S>#(&(5.K!]PUUTD!! A*#!)'%G+$+/0!('&E$#5/!<%,E.#.!%5!/*#!<%'$(/+%5!%<!'#8(/+%5.*+).!+5!&#5#'(8D!_*#5! E.#9!/%!(,,%E5/!<%'!*%$%)*+80K!.%,+%8%&+./.!<%,E.!%5!/*#!%))%'/E5+/+#.!/*(/! 9#$%&'()*+,(880!.+$+8('!+59+-+9E(8.!*(-#!/%!+5/#'(,/!2+/*!#(,*!%/*#'D!A*#0!$(+5/(+5!/*(/! +5./+/E/+%5(8!(59!./'E,/E'(8!<%',#.!)'%-+9#!9#$%&'()*+,(880!.+$+8('!)#%)8#!2+/*!$%'#! %))%'/E5+/+#.!/%!9#-#8%)!(!5#/2%'3!,%55#,/+%5D!R%'!#G($)8#K!/0)#,(./+5&!=0!#$)8%0#'.!

(13)

! *"! .#&'#&(/#.!$#5!(59!2%$#5!(/!2%'3!SY+#8=0!(59!Y('%5!UV\WTD!X.!(!'#.E8/K!$#5!(59! 2%$#5!*(-#!$%'#!%))%'/E5+/+#.!/%!9#-#8%)!'#8(/+%5.*+).!2+/*!$#$=#'.!%<!/*#+'! '#.)#,/+-#!+5:&'%E).D!A*#!-#'0!.($#!905($+,.!,%E89!g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

(14)

! *#! 9#-#8%)!'#8(/+%5.*+).!2+/*!%E/:&'%E)!$#$=#'.K!2*+,*!.*%E89!'#9E,#!/*#!/#59#5,0!<%'! '#8(/+%5.*+).!+5.+9#!/*#!%'&(5+L(/+%5!%'!%'&(5+L(/+%5(8!E5+/!/%!=#!,*('(,/#'+L#9!=0! *%$%)**+80D!A*#!,(E.(8!<'($#2%'3!+.!+88E./'(/#9!+5!<+&E'#!UD!X5!+5,'#(.#!+5!9#$%&'()*+,! 9+-#'.+/0!+5,'#(.#.!/2%!$#,*(5+.$.!/*(/!*(-#!%))%.+5&!+$)8+,(/+%5.!<%'!*%$%)*+80! SY8(E!(59!B,*2('/L!UV\cK!Y'#2#'!(59!M'($#'!UV\bK!?%%90!]PPUK!7#2./%5#!#/!(8D!]PP]TD! A*#!)%.+/+-#!#<<#,/!/*(/!(5!+5,'#(.#!+5!/*#!.(8+#5,#!%<!9#$%&'()*+,!.+$+8('+/0!,(5!*(-#! %5!*%$%)*+80!2+88!=#!%<<.#/!=0!/*#!)%.+/+-#!#<<#,/!/*(/!%))%'/E5+/0!,(5!*(-#!%5! '#8(/+%5.*+).!=#/2##5!9+..+$+8('!+59+-+9E(8.D! A*#!,(E.(8!<'($#2%'3!+5!<+&E'#!U!+59+,(/#.!/*(/!(5!+5,'#(.#!+5!9+-#'.+/0!*(.!($=+&E%E.! +$)8+,(/+%5.!<%'!*%$%)*+80D!f+-#5!/*#!9+'#,/+%5.!%<!/*#!8+53!(8%5&!/*#!)(/*2(0.K!+<!/*#! $(&5+/E9#.!%<!/*#!,%#<<+,+#5/.!('#!5%/!35%25!$(0-&.-&!+/!+.!+$)%..+=8#!/%!35%2!*%2!(5! +5,'#(.#!+5!9#$%&'()*+,!9+-#'.+/0!2+88!(<<#,/!*%$%)*+80D!R+&E'#!U!+.!5%/!#G($+5#9! 9+'#,/80D!@5./#(9K!.,*%8('.!+5<#'!/*#!'#8(/+-#!$(&5+/E9#!%<!/*#!,%#<<+,+#5/.!+5!<+&E'#!U! <'%$!/*#!%-#'(88!(..%,+(/+%5!=#/2##5!9#$%&'()*+,!9+-#'.+/0!(59!*%$%)*+80D!R%'! #G($)8#K!+5!(5!(5(80.+.!%<!,'%..:'(,#!<'+#59.*+).!($%5&!*+&*!.,*%%8!./E9#5/.K!?%%90! S]PPUT!<%E59!(5!+5,'#(.#!+5!'(,+(8!9+-#'.+/0!+5!(!.,*%%8!'#9E,#9!/*#!8+3#8+*%%9!(!./E9#5/! 2%E89!=#!+5-%8-#9!+5!(!,'%..:'(,#!<'+#59.*+)D!?%%90!,%5,8E9#9!/*#!.(8+#5,#!#<<#,/!2(.! 8('&#'!/*(5!/*#!%))%'/E5+/0!#<<#,/D!_*#5!/*#!(..%,+(/+%5!=#/2##5!9+-#'.+/0!(59! *%$%)*+80!*(.!=##5!5#&(/+-#K!.,*%8('.!*(-#!,%5,8E9#9!/*#!%))%'/E5+/0!)(/*2(0!2(.! 8('&#'!/*(5!/*#!$(&5+/E9#!%<!/*#!.+$+8('+/0!)(/*2(0!S>0/+5(!#/!(8D!UV\\6!WbP:Wb][! Y(,*('(,*!#/!(8DK!]PPb[!?%E2!(59!Z5/2+.8#K!]PPWTD!

(15)

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a#5&!(59!i+#!]PP\TD!YE/!%5!/*#!%/*#'!*(59K!$%'#:<'#FE#5/! ,%5/(,/!=#/2##5!+5:&'%E)!$#$=#'.!,%E89!'#9E,#!/*#!)%.+/+-#!(..%,+(/+%5!=#/2##5! 9#$%&'()*+,!.+$+8('+/0!(59!/+#!./'#5&/*D!@5!)('/+,E8('K!'#,#5/!'#.#(',*!*(.!.*%25!/*(/! /*#!)%.+/+-#!(..%,+(/+%5!+.!(!<E5,/+%5!%<!(,/E(8!(59!#G)#,/#9!.+$+8('+/0!S7%&&!(59!7('9+#! UVVUK!7%&&!#/!(8D!UVVbTD!ZG)#,/#9!.+$+8('+/0!+.!(!<E5,/+%5!%<!.*('+5&!(!9#$%&'()*+,!%'! .%,+(8!,*('(,/#'+./+,K!2*#'#(.!(,/E(8!.+$+8('+/0!+.!(!<E5,/+%5!%<!.*('+5&!E5%=.#'-#9! (//+/E9#.K!=#*(-+%'.K!(59!=#8+#<.D!_*#5!(5!+5:&'%E)!$#$=#'!$##/.!%'!#G,##9.!)'+%'!

(16)

! *%! #G)#,/(/+%5.!2+/*!'#.)#,/!/%!E5%=.#'-#9!(//'+=E/#.K!*+.!%'!*#'!'#8(/+%5.*+).!2+/*!+5: &'%E)!$#$=#'.!('#!./'%5&#'!S7%&&!#/!(8D!UVVbTD!7%2#-#'K!+<!/2%!)#%)8#!2*%!.*('#!(! 9#$%&'()*+,!%'!.%,+(8!,*('(,/#'+./+,!('#!.+$+8('!%580!%5!/*#!.E'<(,#K!)'%)+5FE+/0!2%E89! )'%-+9#!/*#$!2+/*!$%'#!%))%'/E5+/+#.!/%!9+.,%-#'!*%2!-#'0!8+//8#!/*#0!(,/E(880!*(-#!+5! ,%$$%5K!2*+,*!.*%E89!'#9E,#!/*#!)%.+/+-#!#<<#,/!/*(/!9#$%&'()*+,!.+$+8('+/0!,(5!*(-#! %5!5#/2%'3!,%55#,/+%5.!Sa+#='%!(59!1%'/*,'(</!]PPV6!Uc\:Uc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d%'!.)(,#!)'%-+9#9!/2%!/#(,*#'.!2+/*!$%'#!%))%'/E5+/+#.!/%! 9#-#8%)!(!$#(5+5&<E8!'#8(/+%5.*+)D!

(17)

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

(18)

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a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

(19)

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(20)

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

(21)

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(22)

! "*! =#,(E.#!/*#0!)'%-+9#!(!<%E59(/+%5!<%'!(!5E$=#'!%<!)#'<%'$(5,#:#5*(5,+5&!)'%,#..#.! (59!905($+,.D!R%'!#G($)8#K!(!/#($!+.!$%'#!8+3#80!/%!=#!.E,,#..<E8!2*#5!/#($!$#$=#'.! ('#!$%/+-(/#9!/%!9%!2#88K!.*('#!/*#+'!35%28#9&#!(59!#G)#'/+.#K!(59!9#-#8%)!(!9+-+.+%5!%<! 8(=%'!/*(/!E/+8+L#.!2*(/#-#'!35%28#9&#!(59!#G)#'/+.#!+.!(-(+8(=8#!%5!/*#!/#($D!Z(,*! %E/,%$#!+.!$%'#!8+3#80!2*#5!/#($!$#$=#'.!('#!,%55#,/#9!=0!./'%5&!5#/2%'3! ,%55#,/+%5.!S4E$$+5&.!(59!4'%..K!]PPO[!N*K!4*E5&!(59!^(=+(5,(K!]PPc[!Y(83E59+!#/!(8D! ]PP`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j(,3.%5K!UV\V[! X5,%5(!(59!4(892#88K!UVV][!;#88#9K!Z+.#5*('9/K!(59!i+5K!UVVVTD! ! /.01%#.$2(&*,(;+'.&9(B1$C+%D#( 45.2/-"($*6(4.55"3%&'"(73%&.*(

(23)

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(24)

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(25)

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(26)

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(27)

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(28)

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(38)

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