But that does not explain real life differences between companies in the same sector and with the same type of ownership. In my sector I've seen good and bad cu

But that does not explain real life differences between companies in the same sector and with the same type of ownership. In my sector I've seen good and bad cultures at work. The difference is astute. So there must be aspects of culture (and change) that are attainable by stock-owned companies, but only attained by some.