Boards of directors in BRIC countries: A review of empirical studies

  • Dmitri A. Kirpishchikov International Laboratory of Intangible-driven Economy, National Research University Higher School of Economics, Russia
  • Felix Lopez-Iturriaga School of Business and Economics, Universidad de Valladolid, Spain; International Laboratory of Intangible-driven Economy, National Research University Higher School of Economics, Russia
  • Marina Zavertiaeva International Laboratory of Intangible-driven Economy, National Research University Higher School of Economics, Russia


The paper is aimed to analyse the most recent and relevant research on boards of directors in BRIC. Existent reviews on the board of directors do not focus on BRIC and do not consider the specifics of their corporate governance model. Therefore, the current review fills this gap by analysing 111 research papers from Scopus/Web of Science published between 2015 and 2020. Firstly, we provide a content analysis of abstracts to find the most frequent research topics and compare them to the developed countries’ studies. Secondly, based on the content analysis findings, we provide a qualitative analysis of three research directions: board composition, social capital, and board functioning, divided further into ten smaller research topics. Thirdly,
we compare the research output with the developed countries’ studies and the statistics provided by the Spencer Stuart Board Indexes to analyse whether they are coherent. The results confirm the topicality of board research in BRIC and overlapping topics between the BRIC and the more developed countries. As a result, we formulate a research agenda for further studies on boards in BRIC.

Ключевые слова:

boards of directors, corporate governance, BRIC, literature review, content analysis


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Как цитировать
Kirpishchikov, D. A., Lopez-Iturriaga, F., & Zavertiaeva, M. (2022). Boards of directors in BRIC countries: A review of empirical studies. Российский журнал менеджмента, 19(2), 195–228.