Влияние социального капитала членов совета директоров на устойчивость публичных компаний к экзогенным шокам
Аннотация
Целью данного исследования является оценка влияния социального капитала членов совета директоров на рыночные метрики устойчивости компаний к экзогенным шокам. Социальный капитал директоров измеряли, исходя из их профессиональных, политических и международных связей. Устойчивость компаний оценивали на основании их способности сопротивляться воздействию шоков и восстанавливаться после них на основании информации фондового рынка. Данные охватывают более 200 российских компаний, акции которых включены в расчет Индекса широкого рынка Московской Биржи, за период с 2007г. по 2020г. За этот период произошло три экзогенных шока: мировой финансовый кризис 2008-2009г.г., ценовой шок на сырьевых рынках и введение санкций в 2014-2015г.г., а также пандемия COVID-19 в 2020г. Для оценки влияния связей директоров на способность смягчить шок применен системный обобщенный метод моментов, при этом влияние связей директоров на способность компании восстановиться после шока определяется при помощи МНК с робастными стандартными ошибками. Результаты указывают на то, что профессиональные связи уменьшили негативное влияние на сопротивляемость компаний шокам и ускорили восстановление во время мирового финансового кризиса. Однако этот вид связи снизил скорость восстановления акций после кризиса, вызванного COVID-19. Политические и международные связи оказали различное влияние на рыночные метрики устойчивости компании. Возможно, что шоки разного характера заставляют компании эффективно применять различные виды социального капитала своих директоров с целью смягчить негативное воздействие таких шоков.
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Литература
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