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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Polina Artemeva
Board of Directors Diversity Influence on the Financial Results of Companies
Finance
(Master’s programme)
2018
The Board of Directors plays crucial role in decision-making process for the company, in the future it reflects on the financial performance of the company. Therefore, it is important to examine the composition of the board of directors - what should it be to lead the company to success? Should the board of directors be heterogeneous on the part of the sex ratio of women and men, on the part of the age difference of the participants entering it, what is better for the company - a large number of directors with academic degrees or will it affect negatively the financial performance?

We tried to find answers to these questions testing it on the data on boards of directors of companies included in the C & P500 index. Financial indicators were taken for 2017 fiscal year, indicators of return on assets and equity (ROA, ROE) were chosen as indicators of financial results.

During the study, a hypothesis about the positive impact of the presence of women on the board of directors was proven (the more quantitatively, the better, measured with the help of the Blau index). There was no confirmation in the study of the assumption about the negative impact of the large age difference between the members of the board of directors and the quadratic dependence of the indicators of financial results and the experience of the directors in the current company. The hypothesis about the positive influence of the quantitative presence in the board of directors with the professorial degree or the profile degree of the magistracy education has been disproved. Based on the collected data, a statistically significant negative correlation of these indicators was revealed in all 4 specifications.

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