Breaking the glass ceiling: female board representation, CSR and firm performance of Russian firms

Asia Pacific Journal of Management. 2026.

Veselova A., Dikova D., Aray Y.

We examine board of directors’ gender diversity and corporate social responsibility (CSR) disclosure of Russian firms, and test for their effects on the market valuation of these firms. The Russian context is unique because gender disparity of boards and top management remains high in Russia due to historical legacy, absence of specific diversity-promoting regulations and a lack of societal norms supporting female representation. In this institutional environment characterized by low normative and regulatory legitimacy for gender diversity, we draw on Upper Echelons Theory to conceptualize how gender-based socialization, value differences, career path disparities, and cognitive diversity shape the relationship between female board representation and firm performance, with CSR disclosure serving as a mediating factor. We use a sample of 223 Russian publicly listed companies to test our hypotheses and supplement this analysis with interview data by four Russian women board directors in different industries. By combining quantitative and qualitative data, we gained a more comprehensive understanding of the complex, mediated relationship between female board representation, CSR disclosure and performance of Russian firms.

Keywords: совет директоров, board of directors, CSR, КСО, glass ceiling, стеклянный потолок