Gender Diversity of the Board of Directors and its Impact on the Firm Performance in Russia

Student: Mzhachih Dmitrii

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2017

This study empirically analyzes the impact of the gender diversity of the board of directors on the performance of the company. Using a sample of 84 Russian public companies for 2004-2015, I found that the presence of women on the board of directors has a significant positive impact on the performance of the company in case of using ROA as a measure of performance. However, in case of measuring performance in a market-based manner using the Q-Tobin ratio, the presence of women has a significant negative impact. The model also revealed the positive joint influence of women and independent directors in the case of a market measurement of performance. In addition, in the course of the study, I found that the presence of two or more women on the board had a negative impact on the company's market performance.

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