The purpose of this study is to examine in what ways, if any, the introduction of the equity incentive portion of Louisiana's performance-based funding model impacted the underserved student groups it was designed to support. I employed a quantitative quasi-experimental design for this study by running three outcome variables (Adult Learner Enrollment, First-Time Enrollment for Racially Minoritized Students, and Low-Income Student Enrollment) by sector (two- and four-year public institutions) and employing a differences-in-differences regression with panel data. In my analysis I uncovered two main findings: 1) Louisiana's equity incentive is showing early signs of success for all three underserved groups (adult learners, low-income students, and students from underserved racially minoritized groups) and 2) Louisiana's equity incentive had more substantial impacts on adult learner enrollment at two-year colleges compared to four-year institutions. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]