The Gender Composition of Corporate Boards and Firm Performance: Evidence from Russia

47 Pages Posted: 10 Jun 2019

See all articles by Tatiana Garanina

Tatiana Garanina

Vaasan yliopisto (University of Vaasa); Saint Petersburg State University

Alexander Muravyev

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

Date Written: May 2019

Abstract

This paper studies economic effects of the gender composition of corporate boards, employing a new and unique longitudinal dataset of virtually all Russian companies whose shares were traded on the national stock market between 1998 and 2014. Using multiple identification approaches, alternative measures of gender diversity, and several performance indicators, we find some evidence that companies with gender-diverse boards have higher market values and better profitability. These effects are particularly pronounced when firms appoint several women directors, which is consistent with the critical mass theory. The effects appear to be stronger in bad economic times or for firms experiencing economic difficulties. Overall, the Russian data lend some support to "the business case" for more women on corporate boards.

Keywords: board of directors, gender diversity, firm performance, Russia

JEL Classification: G34, J16

Suggested Citation

Garanina, Tatiana and Muravyev, Alexander, The Gender Composition of Corporate Boards and Firm Performance: Evidence from Russia (May 2019). IZA Discussion Paper No. 12357, Available at SSRN: https://ssrn.com/abstract=3401125

Tatiana Garanina (Contact Author)

Vaasan yliopisto (University of Vaasa) ( email )

P.O. Box 700
P.O. Box 700
Vaasa, FI-65101
Finland

Saint Petersburg State University ( email )

7-9, Universitetskaya nab.
Saint Petersburg, 199034
Russia

Alexander Muravyev

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 )

Schaumburg-Lippe-Str. 5-9
Bonn, D-53113
Germany

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

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