Executives and shareholders: A shift in the relationship
指出高管与股东的关系正在转变，股东权力上升，表现为高管因业绩不佳被更快解雇，但可能带来高管不愿冒险和难以建立长期利益相关者关系的负面后果。
Abstract This article suggests that a shift has developed in the ongoing relationship between executives and shareholders with shareholders gaining more power over executives. The power shift has been driven by institutional investors and hostile takeovers and is visible in changing patterns of succession. More executives are being dismissed for poor performance and are being dismissed more quickly following the onset of poor performance. Two potential negative outcomes are a decreased willingness of executives to undertake risky strategies and a decreased ability of executives to build long‐term, trusting relationships with stakeholders, even when these actions would be beneficial to shareholders. © 1995 by John Wiley & Sons, Inc.