Репин Дмитрий Игоревич
Board Structure, Intellectual Capital and Performance of Biotechnological Companies in the USA
This study examines the relationship between different characteristics of the board of directors, its intellectual capital and performance of firms from high-tech industry, especially bio-tech corporations. Through multiple panel regression analysis on the sample of non-financial firms from Russel 3000 list over the period from 2009 to 2015 we found the evidence that the model of a balanced board is not universal for every firm. Board size, fraction of outsiders and female representation on boards were found to have a different influence on performance (Tobin’s Q and ROA) of high-tech firms compared to non-high tech ones. Afterwards key drivers of board intellectual capital that influence biotechnological and pharmaceutical firms’ market and book-value based performance indicators were obtained which are director’s tenure on the board, industry-specific experience and nearness of firms to scientific agglomerations where occur knowledge spillovers.