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Social Ties between CEO and Board of Directors: the Influence on Market Value of Russian Companies

Student: Proskurnia Elizaveta

Supervisor: Marina A. Zavertiaeva

Faculty: Faculty of Economics, Management, and Business Informatics

Educational Programme: Economics (Bachelor)

Final Grade: 7

Year of Graduation: 2019

The Board of Directors together with CEO make important management decisions, and their social ties can potentially influence the company’s performance. In turn, the market can react to the existence of such connections in work experience and education between CEO and Board of Directors of the company. Researchers identified the negative impact of social ties on market company and a positive impact on the strategy of the company. Therefore, in the framework of this study, we set a goal to determine whether the influence of social ties between the CEO and the Board of Directors have an effect on the market value of Russian companies. We used the OLS method to assess the influence of social relations between the CEO and members of the Board of Directors on the company market value. As a result, in the course of this study we have found that the existing social ties between the CEO and the Director have no impact on the market value of Russian companies. However, it was also detected that the high current employment of the Board of Directors has a negative effect on the value of companies.

Full text (added May 20, 2019)

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