Russian Federation
This paper investigates the effect of gender and national diversity of the board of directors on financial results of the company. To measure gender diversity, the study utilizes simple share of women in the board, Blau index, and binary variables that represent certain number of women in the board. To measure national diversity, simple share of national minorities in the board is used in calculations. The study focuses on quantitative estimation of the effects using quantile regression as the main statistical tool of the research, which allows to measure the effect on different levels of distribution of the dependent variable. Tobin’s Q, return on assets and price-to-earnings ratio are used as dependent variables. The sample consists of 405 observations for 94 companies during the time period from 2016 to 2020. The analysis suggests that there is a statistically significant relationship between firm results and diversity of the board on different level of initial performance. Both independent variables gender and national diversity — illustrated a positive relationship with the results of those companies that performed worse than their competitors. Results presented by this paper uncover new aspects of the relationship between implied measures of diversity of the board and firm performance of domestic companies. The findings of the paper may be useful for the optimization of corporate governance practices and policies created by regulators.
corporate governance, company effectiveness, board of directors, gender diversity, national diversity
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