Management of a corporation by its stockholders is typically

practiced by

The answer would be : large corporations

Large corporations tend to need a large amount of capital to do their operating activities. In order to do that, they usually sell some of their company's ownership in the form of shares/stock. The one who own part of these shares is called stockholders.

Because stockholders technically own some part of corporation, they gained the right to give management advice for the company or even manage the company themselves