Dichotomy between shareholders and management makes for bad decisions
touched on this dichotomy between management and shareholders and how boards were stuck in the middle:
This deadlock has its roots in the 1970s, when power began to move in the direction of shareholders after a long period during which managers had called almost all the shots. The shift, although it had political and economic causes, was also enabled by the rise of a philosophy of shareholder dominance that grew out of academic research on the motivations and behaviour of corporate managers. According to that philosophy, shareholders are the centre of the corporate universe.
Anecdotally, I recently accompanied a management team on a post-results investor roadshow.
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