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Shareholders (basically small) all other countries, except the USA, where number
Shareholders exceeds 40 million persons.)))
Both separate shareholders, and their coalitions occupy in relation to the
To joint-stock companies unequal and often disputed positions. An essence of these
Conflicts results from different position of shareholders in relation to the
To the enterprise. One of them are workers and employees, others enter in
Management, the third have with the enterprise no any communications except
Joint-stock participation, the fourth, owning actions, simultaneously apply on
The control in relation to a management and its decisions. Interests of all these persons
(Or coalitions) are various. One are interested in fast realisation
Dividends, others - in slower and their long-term growth, the third - in
"Lateral" payments (it is frequent in the form of gifts and bribes), the fourth - in growth
Salaries at the expense of dividends and in different forms "consumption at job".
It would seem, in these conditions the independent management could
To harmonise these different interests. But in joint-stock company the management can be
Independent only itself being the supervising proprietor, i.e. owning
The share holding, providing to it the majority. In its all other cases
Independence or reflects interests of one of the conflict parties, or
Trying to rise over the conflict, becomes a target of various forces and consequently
Differs instability. (((Marking internally disputed character
Concentration of actions at labour collective and a management of the enterprises, authors,
Privatisations investigating an initial stage to Russia, wrote: "With one
The parties, a management, being the main shareholder of the privatised company,
Plays a role of the principal (the supervising proprietor - it.it.) in relation to
To other personnel. On the other hand, heads are agents
Shareholders among whom workers star ". Y.Rjchevrin,
l. Filatochev, and R.Bradshaw. "Institutional Transformation in Russia"
(Economics of Transition, vol. 2 (3), 1994, p.382.)))
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