Privately owned and operated means that squeezing out a little more profit hasn't much influence on the owner's wealth. Which happens to be the decisionmaker's

Privately owned and operated means that squeezing out a little more profit hasn't much influence on the owner's wealth. Which happens to be the decisionmaker's wealth. And there's a real possibility that they will care how their money gets to them. But being publicly traded changes everything, suddenly a crowdsourced projection of profits into the future enters the picture, leveraged to the nth degree. This even affects companies still held by a strong founder majority. And when decisions are delegated to the salaried class, incentivized by options and bonus mechanisms, the payoff magnification effect gets even stronger. Suddenly a percentage point change in profits can cause a tenfold change in personal wealth. Or more. When there are tradeoffs to be made between decency and greed, always bet on the public company outdoing the private. It's not a guaranteed win, there are some truly nasty examples of privates, but they are outliers. Publicly traded means nasty by design.