Научный семинар IDLab: To Monitor or not to Monitor: The Effect of Board System on the Performance of Russian Publicly Traded Companies and the Moderating Role of CEO Human Capital
Speaker
Департамент менеджмента: Приглашенный преподаватель
Abstract
The board of directors is one of the main mechanisms to solve the collective management problem inherent in corporate governance. A lot of discussion in the domestic and foreign scientific community is caused by such characteristic of boards of directors as board system. A number of researchers have tried to empirically test which system, one-tier or two-tier, is more conducive to corporate activities. The heterogeneity of the results leads us to the conclusion that the effect of separation of executive and supervisory functions depends on whether its advantages or disadvantages, explained in terms of agency and stewardship theories, outweigh, which may depend on a number of internal and external factors. The paper attempts to partially fill the gap in existing knowledge by determining the influence of board system on the financial performance of Russian companies employing human capital theory to explain the possible moderating role of CEOs’ characteristics. A database of 311 publicly traded Russian companies for the period from 2008 to 2018 was employed. The preliminary results support the hypothesis that companies with a two-tier system have higher values of company performance indicators unless we take into account the moderating effect of CEO age. The results of the study will be of interest both to the members of the academic community interested in the topic of corporate governance and to the business representatives, primarily owners and managers of large public companies.
Date and time
6 Octorber, 17:00 GMT+5 (Perm time)
Zoom link: https://us02web.zoom.us/j/88202602467?pwd=aGpqcUc5aHhUc1RaSTdmekZZZGlTUT09
ID: 882 0260 2467
Password: 972079