Board Structure, Intellectual Capital and Performance of Biotechnological Companies in the USA

Student: Repin Dmitrii

Educational Programme: Economics (Bachelor)

Year of Graduation: 2017

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.

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