Влияние характеристик совета директоров и власти СЕО на ESG-трансформацию и финансовые показатели эффективности российских публичных компанийBoard Characteristics, CEO Power and Their Impact on ESG Transformation and Financial Performance of Russian Public Companies

This dissertation presents a comparative analysis of the impact of board characteristics and characteristics of board audit, strategy, and sustainability committees on financial performance and ESG transformation of largest Russian public non-financial companies from 2014 to 2023. The results demonstrate that board size, independence, tenure diversity, female and foreign directorship significantly affect Tobin’s Q and ESG rating of Russian public companies. The results prove that the existence of board strategy and sustainability committees significantly contributes to better performance of Russian public companies, while the effects of characteristics of these committees, including size, independence, and members’ educational and professional backgrounds differ significantly for financial performance and ESG transformation of Russian public companies. Moreover, the findings demonstrate that Chief Executive Officer’s (CEO) power deters the impact of board committees’ characteristics on Russian public companies’ financial performance. The dissertation contributes to academic literature by providing one with evidence on the impact of key board committees’ characteristics on corporate financial performance and ESG transformation, and assessment of moderating effect of powerful CEOs measured using a new index accounting for key sources of CEO power. The findings and methods of this research are applicable in the work of corporate governing bodies and consulting agencies.