Влияние человеческого капитала и поведенческих характеристик СЕО на экономическую прибыль российских компании
Аннотация
Исследование посвящено тому, как различные личностные качества генерального директора (CEO) влияют на создание стоимости на одном из крупнейших развивающихся рынков капитала — в России. В исследовательской модели рассматриваются несколько компонентов человеческого капитала CEO. Также учитываются поведенческие отклонения, включая избыточную уверенность (измеряемую с помощью скорректированного по отрасли коэффициента капитальных затрат) и нарциссизм (определяемый на основе анализа фотографий CEO согласно академическим подходам, принятым в предыдущих работах). Для оценки влияния власти CEO на создание стоимости и возможного компенсирующего эффекта используется показатель уровня влияния руководителя. В выборку включены 111 российских публичных компаний и 235 генеральных директоров за период с 2013 по 2020 год. Корпоративная эффективность оценивается через критерий экономической прибыли — добавленную экономическую стоимость (EVA), которая отражает разницу между фактической доходностью на капитал (по данным финансовой отчетности) и совокупной стоимостью капитала, определённой с учётом рисков компании (данные Bloomberg). В расчётах применяются разности первого порядка вклада компании в EVA, скорректированные на отраслевые и рыночные показатели. Получены эмпирические доказательства влияния человеческого капитала CEO на создание стоимости, выраженное в годовых изменениях отраслево скорректированной EVA. Установлено, что власть CEO положительно сказывается на создании стоимости в российских компаниях, тогда как поведенческие отклонения — такие как избыточная уверенность и нарциссизм — не оказывают статистически значимого влияния на изменения EVA.
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Литература
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