The Impact of the Boards of Directors` Characteristics on the Russian State-Owned and Private Companies` Value

The master's dissertation contains the analysis of the Board of Directors influence on the value of Russian’s state-owned and private companies. For identifying differences in the boards of directors’ influence of the Russian public and private companies’ value, some factors were identified based on a study of empirical work and confirmed by statistical tests. The construction of a regression model of the influence of the Boards of Directors characteristics on the value of Russian public and private companies was carried out on a sample provided by the HSE International Laboratory of Intangible Assets. The analyzed database includes large open joint-stock companies whose shares are traded on the stock exchange and consists of 102 Russian companies from 2009-2014. The method chosen for problem solving (dummy-variable regression) allowed to take into account the joint effects of the form of ownership and the characteristics of the Board of Directors on the Russian companies’ value. It was determined that the characteristics of the Boards of Directors of Russian companies (such as the number of members of the Board of Directors, the average age of members of the Board of Directors, average experience and international experience, the presence of state experience) have different effects on the value of public and private companies: the difference is strength and statistical significance of influence.