"(Shareholders besides the management team still matter. :P)" What is your reasoning behind that statement? It is nice to have a high stock price as a source

"(Shareholders besides the management team still matter. :P)" What is your reasoning behind that statement? It is nice to have a high stock price as a source of future cash, but companies rarely have additional offerings. Most companies take on debt. Having a high stock price also discourages hostile take overs, but the shareholders themselves don't matter. I want to know why you think they do. Many people say that shareholders matter and use them as an excuse for their actions. I think it is just that: an excuse.