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Влияние гендерного состава совета директоров на результаты деятельности компании: опыт Германии, Австрии и Швейцарии
The article examines changes in corporate governance bodies in connection with financial results dynamics of German, Austrian and Swiss companies. The main objective of the study was to trace causal links between financial indicators and boards’ gender composition. The paper used reports of European companies to determine boards’ compositions and financial results.
Using a sample of around 200 major corporations and data on their board and management composition along with financial performance indicators in 2014-2019, regressions were applied to determine statistically relevant relations between board compositions and financial results. The findings suggest that there is no negative effect of gender quotas on corporations’ financial performance. Furthermore, financial results improved for real estate and manufacturing businesses and in Switzerland after appointing female managers, but decreased in Austria after appointing female directors. The results also show that there is no correlation between shares of female directors and female managers.