Lenore Palladino (Roosevelt Institute) has posted a working paper, The Contribution of Shareholder Primacy to the Racial Wealth Gap. Here is an excerpt:
I find a Black–white ratio of 0.013 and a Hispanic–white ratio of 0.016 for total shareholder payments made over the period from Q1 2004 to Q2 2019. Total shareholder payments made to white households during that time frame totaled $13 trillion, while $181 billion went to Black households and $212 billion to Hispanic households. This measure gives a clear sense that shareholder payments, in the form of corporate dividends and stock buybacks, are flowing disproportionately to white households.
The full paper is available here.
H/T Francine Lipman