msueconВестник Московского университета. Серия 6. ЭкономикаLomonosov Economics Journal0130-0105MSUPRESS10.38050/01300105202126msuecon-685Research ArticleПРОБЛЕМЫ УПРАВЛЕНИЯMANAGEMENT ISSUESВлияние гендерного состава совета директоров на результаты деятельности компании: опыт Германии, Австрии и ШвейцарииThe impact of gender composition of the Board of Directors on company's performance: evidence from Germany, Austria and Switzerlandhttps://orcid.org/0000-0002-8985-4058МакушинаЕ. Ю.MakushinaE. Yu.

Макушина Елена Юрьевна — старший преподаватель школы финансов факультета экономических наук

Москва

Moscow

emakushina@hse.ruhttps://orcid.org/0000-0002-6312-4209ЕвсиковН. А.EvsikovN. A.

Евсиков Никита Александрович — студент

Москва

Moscow

naevsikov@edu.hse.ruНИУ «Высшая школа экономики»РоссияNRU Higher School of EconomicsRussian Federation20210306202112140158Copyright © Макушина Е.Ю., Евсиков Н.А., 20212021Макушина Е.Ю., Евсиков Н.А.Makushina E.Y., Evsikov N.A.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://msuecon.elpub.ru/jour/article/view/685

В статье изучаются изменения управляющих лиц в корпоративных структурах в динамике финансовых показателей немецких, австрийских и швейцарских компаний. Целью работы является выявление наличия взаимосвязи между финансовыми результатами деятельности компаний и гендерным составом советов директоров. Объектом исследования является отчетность европейских компаний, а предмет — состав совета директоров и финансовые результаты.

Используя выборку из 177 компаний за период 2014–2019 гг., был применен метод парной регрессии для выявления возможных статистически значимых зависимостей между финансовыми результатами и составом органов корпоративного управления. Результаты исследования не подтвердили негативное влияние квотирования количества числа женщин в составах советов директоров на финансовые результаты деятельности компаний. Была выявлена положительная зависимость между увеличением количества женщин в правлении и финансовыми результатами для отраслей недвижимости и промышленности; отрицательная зависимость финансовых результатов австрийских компаний от увеличения числа женщин в советах директоров, положительная — швейцарских компаний от увеличения доли женщин в составе правления; отсутствие влияния роста числа женщин в советах директоров на их долю в правлениях.

The article examines the changes in corporate governance bodies connected with financial performance dynamics in German, Austrian and Swiss companies. The main objective of the study is to trace the causal links between financial indicators and Board’s gender composition. The paper uses the reports of European companies to determine the Board composition and financial outcomes.

Using a sample of 177 corporations and data on their Board and management composition along with financial performance indicators in 2014–2019, the authors apply regressions to determine statistically relevant relations between Board compositions and financial results. The findings show no negative effect of female representation in the Board on corporate financial performance. The study identifies a visible positive correlation between an increasing female representation in the Board and financial outcomes in real estate and manufacturing sector. Austria shows negative dependence of financial outcomes on increasing female representation in the Board, with a reverse situation in Switzerland. The results also show no correlation between the number of female directors and female managers.

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The authors declare that there are no conflicts of interest present.