stance adopted by institutions increases the already significant power of directors, who are the second most important … category of shareholders. Franks, Mayer and Renneboog (1998) show that when directors own substantial shareholdings, they use …, such as the proxy voting and the one-tier board structure, further strengthen the discretionary power of directors …

This paper analyses the turnover of board of directors members on a sample of companies listed on the Milan Stock … ownership structure of Italian companies affects these relationships. We use three different measures of board of directors …