Gender Differences in the Impact of the Human Capital of the Board Directors Members on the Company’s Financial Performance

In regards to the Board of Directors analysis, as well as the impact it has on the company, the structural characteristics of the Board are often taken into consideration. At the same time, several scientists have devoted their work to the analysis of the personal and business qualities of the Board directors. This article analyzes the presence of gender differences in the influence of Board of directors' human capital on the effectiveness of the chosen companies. The article uses data on those companies that were included in the rating of the Moscow Exchange Broad Market Index. The panel data includes information about members of the Board of Directors of companies, their personal characteristics, as well as data on the financial performance of companies for the period between 2009 and 2018. Furthermore, a regression model with fixed effects was built, which allows to consider the individual characteristics of the objects of analysis, based on the structure of the given panel data. Based on the results obtained, we can conclude that the presence of gender differences can be traced to the influence of such characteristics of human capital as education and experience. Thus, the characteristics of the human capital of women directors, as opposed to men, affect the performance indicator of Russian companies.