Agree with the previous answer - "it depends", so I can tell only about some of the companies I know. My company is very flexible in this regard - every employee works when he/she is comfortable. We agree on calls in advance. To organize the workflow, we use several tools:
- Git for all software development (Github, Gitlab);
- Skype, Telegram for chatting, calls;
- Riter for project management/teamwork (plan and estimate sprints/tasks, add and track time spent on them, comments, file sharing, reports and so on);
And that's enough. Another company that I know prefers that all team members work simultaneously, but their employees live in some of the neighboring time zones (the difference is up to 2-3 hours).