Boards of Directors in Russian Publicly Traded Companies in 1998-2014: Structure, Dynamics and Performance Effects

Alexander Muravyev ()
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Alexander Muravyev: Higher School of Economics, St. Petersburg Branch
Authors registered in the RePEc Author Service: Александр Муравьев

No 10436, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: This paper 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 the declining participation of insider directors and the increasing participation of foreign and female directors. It also shows that board characteristics are linked to company performance (the 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.

Keywords: board of directors; publicly traded companies; corporate performance; Russia (search for similar items in EconPapers)
JEL-codes: G34 L22 (search for similar items in EconPapers)
Pages: 59 pages
Date: 2016-12
New Economics Papers: this item is included in nep-cis and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published - published in: Economic Systems, 2017, 41(1), 5-25

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Journal Article: Boards of directors in Russian publicly traded companies in 1998–2014: Structure, dynamics and performance effects (2017)
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