(NewsNation) — Four times in the past nine years, the business consulting firm McKinsey & Company has studied the relationship between corporate earnings and corporate diversity — the racial and ethnic makeup of their executives.

In all four reports, it found a statistically positive link: a more diverse company produces a higher return.

Now, two professors of accounting say … maybe not. Jeremiah Green of Texas A&M and John R.M. Hand of the University of North Carolina write that they looked at the same numbers as McKinsey and were not able to find that link.

That’s no surprise to Mike Gonzalez, a senior fellow at The Heritage Foundation, who appeared Wednesday on NewsNation’s “On Balance.”

“What you need to do is have diversity of opinions. (The) boardroom should have people who bring in different points of view. But a different point of view … does not reside in DNA. And if you believe that, you’re a rank racist.”

A DEI backlash has taken hold across the U.S. The University of Texas has laid off about 60 staffers who held jobs dealing with DEI — diversity, equity and inclusion. A law banning diversity programs in public universities went into effect in January.

And many private companies are scaling back their DEI programs amid lawsuits alleging such programs amount to discrimination.

One famous entrepreneur who’s sticking with DEI is Mark Cuban, one of the main “sharks” on ABC’s “Shark Tank.”

“I know DEI is a positive because I see its impact on bottom lines,” he wrote on X.

“I’m an entrepreneur and capitalist. I look for results. That’s what I base my decisions on,” Cuban said in his post. “Every single person on Twitter could disagree with me. I would still follow the results I see in my portfolio.”