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The Impact of Board Independence on Russian Companies Market Value
The purpose of this paper is to investigate the impact of board and committee independence on market value of Russian companies. Panel data analysis was applied on a sample of 46 Russian listed public firms during the period 2013-2017 in order to test hypotheses on the relationships between board and committee independence and market value measured by Tobin’s Q. The results show a positive relation between Tobin’s Q and the board independence. Independent directors in Audit, Remuneration and Compensation committees also demonstrate positive influence, while participation of such directors in Strategy committee associates with the decreasing of Tobin’s Q. The findings provide additional evidence of board independence effect, which could be applied for Russia.