Top Management Team Characteristics and Performance of Banks in Russia

This article explores the influence of top management team (TMT) characteristics on the performance of banks in Russia. Empirical research is based on both primary and secondary data of 178 banks. The study contributes to advancing research on upper echelon theory. The study's results suggest that some top management characteristics have positive influence on the performance of banks, while others either negative or neutral. It was proven that percentage of Ph.D. holders in TMT and heterogeneity of functional expertise positively influence financial results of banks. In addition, CEO duality and gender heterogeneity have a negative effect on financial results of banks in Russia. Other TMT characteristics have no influence on banks performance (ROA, ROE and ROI).