Shareholder Democracy: A Reality or Chimera?
质疑股东民主的现实性，指出股东虽拥有公司但无法控制管理权，并探讨管理者权力与所有权脱节的问题，对关注公司治理和股东权益的读者有启发。
While shareholders own the corporation, they cannot be said to run it. Champions of shareholder participatory rights cling to the idea that shareholder democracy limits the power of managers. Managers, for their part, uphold the democratic process as the basis of their power, dismissing claims that power has become unhinged from ownership. Public confidence that a democratic system functions in corporations—that managers, who exercise substantial power over our lives, are responsive to a governance process—may be misplaced, and this misplaced confidence becomes significant as the political activities and rights of a corporation grow. What, then, is the meaning of “shareholder democracy”?