Impact of Corporate Governance on M&A Performance in Russia

This master's thesis is devoted to the study of the influence of the quality of corporate governance on the effectiveness of M&A transactions in Russia. The theme of the corporate governance in emerging markets is gradually evolving. In developed countries, this topic has been studied for a long time. The effect of the quality of corporate governance on mergers and acquisitions has not been studied at all in Russia, there is not a single scientific work. However, the topic of corporate governance is beginning to attract attention in Russia. Based on the choice of 138 transactions, the performance indicators of M&A transactions were reviewed. In general, mergers and acquisitions transactions in Russia destroy shareholder value: CAR is negative on all event windows. Considering corporate governance in the context of transactions, it can be concluded that only 3 factors really influence the efficiency of M&A. The first factor is the number of women on the board of directors, which positively correlates with the effectiveness of M&A. The second factor is the size of the board of directors, which has the opposite correlation with the effectiveness of M&A transactions. The third factor is the separation of positions the Chairman of the Board of Directors and the CEO have a positive effect on the efficiency of M&A transactions. Other factors of corporate governance (the age of the CEO and the number of independent members on the Board of Directors) are not significant.