Взаимосвязанные советы директоров и деятельность российских компаний: результаты сетевого анализа

Российский журнал менеджмента. 2021. Т. 19. № 3.

Zavertiaeva M. A., Popova P.

Despite the importance of personal ties in the Russian economy, established by researchers, there is
still no empirical evidence of the effect that interlocked boards of directors have on company
performance. The paper uses the Social Network Analysis technique to provide in-depth study of a
companyэs position in a network formed by formal connections among board members. The
calculated network metrics are used to determine their impact on the company's financial results.
Empirical analysis is provided using data on Russian companies whose shares are included in the
Moscow Exchange Broad Market Index for the period from 2014 to 2018. We use return on assets
(ROA) and Tobin’s Q as metrics of a company’s performance. The results show that a company's
position in the network, described by degree centrality and closeness centrality, negatively affects
the company's return on assets. At the same time, centrality does not affect Tobin’s Q. An analysis
of the specific for the Russian economy features of companies revealed the peculiarities of the
influence of a company's position in the network on the results of companies in the energy and oil
and gas industries, as well as companies with a share of directors with experience in government
bodies.

Keywords: корпоративное управление, социальные сети, совет директоров, российские компании, social networks, corporate governance, стоимость, board of directors, value, Russian companies, multidirectorships, мультидиректорство

Publication based on the results of: Конкурентоспособность и опережающее развитие российского бизнеса на основе интеллектуальных ресурсов (2018)