“…Prior literature has emphasized that, due to the links that their representatives maintain with firms, institutional directors do not all behave in the same way (Almazan, Hartzell, & Starks, 2005;Borokhovich, Brunarski, Harman, & Parrino, 2006;Ferreira & Matos, 2008;Ramalingegowda & Yu, 2012). There are two types of institutional director: pressure sensitive and pressure resistant (Dong & Ozkan, 2008;Pucheta-Martíneza & López-Zamora, 2017). Pressuresensitive institutional directors represent institutional investors which maintain two relations with the firms in which they have invested: commercial and investment (banks and insurance firms).…”