The Influence of CEO Education on Firm Performance: Evidence from Russian Market

This paper assesses the influence of CEO education on the accounting and market firm performance for companies on the Russian market. The research assumes the significant influence of the education parameter on firm performance, through strong participation of CEO in decision-making. The presumption is that directors rely on their knowledge, which is obtained through education and experience. The description of the data for the sample of 49 largest Russian companies for the period 2013 – 2023 showed the average age of CEO being around 50 years old. Moreover, more than 99% of CEOs were male. The investigation for education concludes on the prevailing number of graduate degrees in technical field and PhD degrees in economics and finance. The distribution for quality resembles sufficient number of degrees obtained in the top-ranked universities. The empirical evidence showed the presence of significant positive influence from doctorate and candidate degree in technical field and industry consistent education. The quality index was found to an insignificant parameter for accounting and market performance of the firm. The conclusion was made due to the fact that many CEOs attended universities with high rank followed by the extreme fluctuations in the recent years on the Russian market.