The effect of board characteristics on the efficiency of Russian public companies

In the modern world, the board of directors plays a key role in making strategic decisions, monitoring the activities of the executive body and ensuring the effectiveness of the company. One of the most important factors is the characteristics of the members of the board of Directors. The purpose of this dissertation is to study the impact that the characteristics of the board members have on the company's performance indicators. The dissertation research reveals the characteristics of the structure and personal composition of the board of directors that affect the effectiveness of public Russian companies. To conduct an empirical analysis, data were collected on 100 Russian public companies for 2015-2020 and a regression model with random effects was built. It is shown that the board of directors should be composed of qualified and experienced professionals who can make informed decisions and effectively control the activities of the executive body. The WACC rate adjustment methodology developed in this paper allows us to take into account the influence of the board of directors on the company's value in practice with a profitable valuation approach, which provides a more comprehensive assessment of the company's value.

在当代商业环境中，董事会在制定战略决策、监督执行机构运营及保障公司运营效能层面发挥着核心作用。董事会成员的特征是影响公司表现的关键要素之一。本学位论文旨在探究董事会成员特征对公司绩效指标的影响效应。本研究明确了影响俄罗斯上市公司运营效能的董事会结构与人员构成特征。为开展实证分析，研究收集了2015至2020年间100家俄罗斯上市公司的相关数据，并构建了随机效应回归模型。研究结果显示，董事会应由具备专业资质与丰富从业经验的人员组成，以做出审慎决策并有效监督执行机构的运营活动。本文提出的加权平均资本成本（Weighted Average Cost of Capital, WACC）调整方法，可在收益法估值实践中纳入董事会对公司价值的影响，进而实现对公司价值更为全面的评估。