Характеристики комитетов совета директоров и их влияние на финансовую эффективность: исследование российских компаний
Аннотация
Корпоративное управление, будучи одной из ключевых составляющих корпоративной финансовой архитектуры, в значительной степени определяет финансовую эффективность компании. Однако, большинство исследований по данной теме сосредоточены на изучении влияния характеристик совета директоров и редко уделяют внимание характеристикам комитетов совета директоров, при этом специфика институциональной и корпоративной среды в России ограничивает применимость результатов, полученных для иностранных компаний. Данная работа направлена на преодоление существующих лакун путем анализа влияния характеристик ключевых комитетов совета директоров на рыночные показатели эффективности 100 крупнейших российских публичных компаний реального сектора в период с 2014 по 2021 годы. Результаты анализа панельных данных подтверждают значимое влияние разнообразия профессионального опыта членов комитетов по аудиту, по стратегии и по устойчивому развитию на Q Тобина и совокупную доходность акции (total shareholder return, TSR), причем выявленные эффекты более значимы, чем влияние размера, независимости комитетов и разнообразия образования в них. Кроме того, выявлен значимый корректирующий эффект власти генерального директора (СЕО), ослабляющего как положительные, так и отрицательные эффекты характеристик комитетов совета директоров, что согласуется с результатами некоторых предыдущих исследований. Проведенное исследование не только вносит вклад в существующий пул академических работ, но также полезно для практического анализа состава органов корпоративного управления в крупнейших российских компаниях, что особенно актуально в условиях значительных изменений, происходивших на фоне введения беспрецедентных санкций и структурной перестройки российской экономики начиная с 2022 года.
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