In the realm of business myths, one common misbelief stands out: the idea that shareholders are insignificant players, mere cogs within the corporate machinery. This perception, conceptualised in Berle and Means’s influential 1932 work, abstracts away shareholders and positions managers as the true custodians of corporations. However, their narrative largely focuses on a mere fraction of global firms – those publicly listed in the United States. Worldwide, there are over …

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