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Article

Женская доля: исследование нефинансовых аспектов эффективности западноевропейских компаний

Гаврилов Д. Д., Ратникова Т. А.

More and more attention in theoretical studies are beginning to attract non-financial aspects of the functioning of enterprises, influencing management decisions. One of the most common concepts in this direction is an integrated theory of financial architecture. The greatest research interest of an extensive set of characteristics of the financial architecture cause the ownership structure and the composition of the board of directors. Found that diversification of Directors, including gender, provides for a multilateral view on leadership development company, improves its reputation and increase investor interest in her.

The main objective of this study is to analyze the non-financial aspects of the economic efficiency of enterprises, taking into account not only the time and individual effects of firms, but also taking into account unobserved industry and geographical characteristics. The sample is a panel of Western European companies, collected over the period from 2007 to 2012 on the basis of the database and Bloomberg Amadeus. The multilevel structure of models allows you to clean assess the effects of test performance (proportion and number of women on the board of directors, as well as the share held by the largest shareholder and the total stake in the three largest shareholders) from the influence of unobserved variables causing heterogeneity of companies, countries, sectors and time periods. The combination of the estimated models, the quadratic specification of indicators of gender diversification of the board of directors and their works on the performance of companies with the heterogeneity of the coefficients of these indicators allows to solve the contradiction between the content of the theoretical hypotheses of the study and the results of the preliminary analysis of the data. It was found that increasing the number of women (percentage of women) in directors contributes to the efficiency of the company only up to a certain limit, after which the efficiency drops. This effect was observed in the majority of the estimated models and versions monitored for possible endogeneity using, instead of the current values ​​of the tested parameters of their lags. In the analysis of the effect of limiting the number of women on the Board of Directors on the effectiveness of the companies according to the in-house performance in a number of models found decreasing returns to total assets and financial leverage and increasing returns for expenditure on research and innovation. Conflicting results were found for the size of companies: the estimates obtained by OLS, show constant returns estimates of hierarchical models, taking into account country heterogeneity exhibit increasing returns, and evaluation of models, taking into account sectoral heterogeneity evidence of diminishing returns on the number of women on the Board of Directors on strategic effectiveness companies.

The effect of concentration of ownership of the strategic performance of companies in the vast majority of the estimated models can not be found.