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

59 Pages Posted: 27 Dec 2016

See all articles by Alexander Muravyev

Alexander Muravyev

Saint Petersburg Branch National Research University Higher School of Economics; Institute for the Study of Labor (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

JEL Classification: G34, L22

Suggested Citation

Muravyev, Alexander, Boards of Directors in Russian Publicly Traded Companies in 1998-2014: Structure, Dynamics and Performance Effects. IZA Discussion Paper No. 10436, Available at SSRN: https://ssrn.com/abstract=2889682

Alexander Muravyev (Contact Author)

Saint Petersburg Branch National Research University Higher School of Economics ( email )

Kantemirovskaya str. 3a
St. Petersburg, 194000
Russia

HOME PAGE: http://https://www.hse.ru/en/org/persons/127811036

Institute for the Study of Labor (IZA) ( email )

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Bonn, D-53113
Germany

HOME PAGE: http://www.iza.org/en/webcontent/index_html

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