CORPORATE GOVERNANCE SYSTEMS IMPACT ON TOP MANAGEMENT TEAMS DIVERSITY: EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN PUBLIC LISTED COMPANIES

The paper aims at investigating how the specifics of top management team diversity aspects are affected by the corporate governance systems in the public listed companies on the stock exchanges in the Czech Republic, Poland, Estonia, Hungary, Bulgaria and Russia. There are two types of Corporate Governance Systems-monistic and dualistic spread across Central and Eastern Europe but their implementations is considerably shaped by the external environment. The paper encompasses extended literature review on theories in Corporate Governance as Agency theory and Institutional theory. Several models are tested in the papers in order to demonstrate that top management team characteristics such as team tenure, age, gender, nationality and education are significantly influenced by the implied corporate governance system in the selected countries. The authors address in the paper the importance of senior management members teamwork for adequate implementation of particular corporate governance system. Furthermore, the paper findings demonstrate that national culture shapes companies' mechanisms of Corporate Governance and that in Russia the companies' governing bodies are hybrid between monistic and dualistic systems of Corporate Governance. Although the testing models in the study show to what extend the diversity affects the systems of Corporate Governance.