This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock … Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is … relationship with performance. Board turnover instead is unrelated to performance but is related to the firm?s ownership structure …

This paper studies the turnover of board of directors members in a sample of 72 companies listed on the Milan Stock … Exchange during the period 1988-1996. We investigate whether board members change more frequently when company performance is … relationship with performance. Board turnover instead is unrelated to performance but is related to the firm's ownership structure …

This paper provides empirical evidence consistent with the facts that (1) social networks may strongly affect board … directors. Networks of former high ranking civil servants are the most active in shaping board composition. Our identification … strategy takes into account (1) differences in unobserved directors' abilities and (2) the unobserved propensity of firms to …

on CEO turnover, ownership structure and board characteristics, we estimate Logit models of CEO turnover. We find …