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Impact of Gender Diversity in the Board of Directors on the Performance of Companies in Russia

Student: Dmitry Kuzov

Supervisor: Anastasia N. Stepanova

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2020

Recently, researchers have been increasingly interested in the impact of non-financial factors on the performance of companies and their functioning as a whole. One of the areas of analysis is the study of the gender composition of Boards of Directors. Today, the diversification of Boards of Directors - a global trend in corporate governance. This is no accident. A balanced Board of Directors is one of the key tools for reducing risks, improving efficiency, and increasing investor interest in the company. Fundamental differences between men and women can provide a more diverse view of the issues addressed by the Board of Directors and as a result affect the development of the company. This is why governments in most developed countries set the goal of achieving gender parity on the Boards of Directors of public companies. In this paper, we study the influence of women on the Boards of Directors of Russian companies in a sample of 128 companies for 2007-2018. The results indicate that there is a relationship between the presence of women in the BD, and it is significant, and the dependence on the proportion of women is nonlinear. Another feature of this work is the fact that existing research is aimed at studying the accepted quotas within the framework of the gender balance of BD, and this work attempts to empirically show the existing influence of the presence of women.

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