Principal-Agent problem. :-) The interests of managers frequently diverge from the owners, and even each other. You see this with execs sub-optimizing for th

Principal-Agent problem. :-) The interests of managers frequently diverge from the owners, and even each other. You see this with execs sub-optimizing for their personal metrics (or size of empire) at the expense of the whole. Offering equity helps, but if people’s contribution doesn’t impact the stock price, there is less incentive to act holistically.