Literature Review on the Impact of Top Management Team Characteristics on Corporate Governance

This paper examines the impact of senior management team characteristics on corporate governance effectiveness. Corporate governance involves internal and external mechanisms that allocate rights and responsibilities among shareholders, the board of directors, and senior management, with the goal of improving decision-making, balancing interests, and reducing agency costs. The senior management team plays a crucial role in shaping corporate strategies, managing risks, fostering technological innovation, and driving corporate social responsibility (ESG) efforts. This study investigates three key research objectives: first, how demographic factors influence governance effectiveness; second, how the functional history, psychological traits, and external social networks of senior managers affect governance; and third, how case studies illustrate the real-world impact of management team characteristics on governance practices. By combining theoretical insights with practical case studies, this research aims to offer both academic contributions and practical guidance for improving corporate governance, particularly in the context of modern challenges such as globalization and increasing economic complexity. The findings provide a deeper understanding of how executive team characteristics contribute to sustainable business performance and governance success.