This paper investigates the characteristics of firms which have underrepresented groups in top management positions and those which do not. It is argued that profiles of these characteristics will be different for firms with minorities vs. women and that these profiles will be different depending on whether representation is by board membership or through officerships. A discriminant analysis found both similarities and differences in variables that were associated with these different forms of representation. It was found, for example, that size (...) is associated with representation for both minorities and women, whereas high advertising intensity is associated with firms with women on board, but not as officers. Other findings and the implications of the study are discussed. (shrink)