Boards of directors in Russian publicly traded companies in 1998–2014: Structure,dynamics and performance effects |
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| Institution: | 1. Higher School of Economics, St. Petersburg Campus, Kantemirovskaya str. 3, St. Petersburg 194100, Russia;2. Institute of Labor Economics (IZA), Schaumburg-Lippe-Str. 5-9, Bonn, 53113, Germany;1. Higher School of Economics, St. Petersburg Campus, Kantemirovskaya str. 3, St. Petersburg 194100, Russia;2. Institute of Labor Economics (IZA), Schaumburg-Lippe-Str. 5-9, Bonn, 53113, Germany;1. Center for Macroeconomic Analysis and Short-Term Forecasting (CMASF) at the Institute of Economic Forecasting, Russian Academy of Sciences, 47 Nakhimovsky prospekt, 117418 Moscow, Russia;2. National Research University Higher School of Economics, 20 Myasnitskaya Str., 101000 Moscow, Russia;3. Institute of Economics, Russian Academy of Sciences, 117218 Moscow, Russia;1. Centre for Economic and Financial Research at the New Economic School (CEFIR at NES) Nakhimovsky prospect, 47, Office 720, Moscow, Russia;2. National Research University – Higher School of Economics, Myasnitskaya str. 20, Moscow, Russia |
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| Abstract: | This article provides new evidence on the structure, dynamics and performance effects of corporate boards in publicly traded companies in Russia. It takes advantage of a new and unique longitudinal dataset of virtually all Russian companies whose shares were traded in the RTS/MICEX/MOEX over 1998–2014. The analysis highlights a number of strong trends in the evolution of boards of directors, such as a declining participation of insider directors and an increasing participation of foreign and female directors. It also shows that board characteristics are linked to company performance (market-to-book ratio, Tobin’s Q, ROE and ROA), suggesting that boards of directors play a non-trivial role in corporate governance in Russia. Testing for structural breaks in the relationship between board composition and firm performance provides some evidence of the changing role of corporate boards over time. |
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| Keywords: | Board of directors Publicly traded companies Corporate performance Russia |
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