Gathered into pension, investment, and hedge funds, shareholders can place considerable pressure on companies to extract dividends, using performance-based bonuses to gain executive support for their preferred policies. This has led to excessive workforce externalization, high rates of CEO turnover, takeover bids, and restructurings of all kinds – all which have far-reaching consequences.
第二个突变来自过股东主宰力过大，这一趋势已经延续了三十多年。以退休基金、投资基金和对冲基金为首的股东给公司施加强大的压力榨取股利、使用基于表现的将近诱使高管支持他们所偏好的政策。这导致了过大的劳动力外部化、过大的CEO流动性、过高收购出价和过度的各种重组——所有这些都具有严重的后果。