Abstract

Abstract Most studiesof boards of directorsare conductedusingthe Anglo-Saxon corporate governance system,and additionally using theone-tier board model. Little still is knownabout the structureof these bodiesin countries whereownershipis concentrated and additionally the board model is a two-tier one. This article tries tofill this gap, and its purpose is to describethe impact of the differenttypes ofownershiponthe size anddiversityof supervisory boards inthe Polishtwo-tier boardmodel. In this study, panel data analysis is applied in order to examine whether there are differences in supervisory board size and gender diversity on supervisory boards with foreign, managerial, state and financial investor ownership. Amongst others, the results reveal that state ownership positively influencessupervisory board diversity and managerial ownership is positively associated with supervisory board diversity. Moreover, financial investor ownership positively affects supervisory board size. The paperalso explainshowthese relationshipsinfluence onthe supervisory boards ofPolish listed companies.

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