I think that c-suite-shareholders and manager-shareholders generally make these decisions to pump their own investments in the company, and not directly for Tom

I think that c-suite-shareholders and manager-shareholders generally make these decisions to pump their own investments in the company, and not directly for Tom, Dick, and Harry-shareholders. TD&H benefit, and will complain and drive the share price down if returns are not satisfactory, but the only effect of share prices being driven down is that c-suite-shareholders and manager-shareholders cannot cash out with as big of a sack of money. So, I don't think that is how publicly traded companies HAVE to work, but yes that is how they do work. Managers do the best to pump the stock for their own personal gain, and who gives a damn if it fails long term because they want to be gone before then anyway. Anyway, just my cynical view. I have no empirical evidence.