Comment by parasubvert

Again, completely false and trivially disprovable.

Most boards defer to management on most topics and most shareholders do not vote on anything substantial, they proxy vote, which defers to management. And thus management nearly always does whatever it wants, as long as the company isn't a dumpster fire of losses. It usually takes a shareholder activist threatening a hostile takeover or proxy battle to change this dynamic.

It comes back to people. The people (employees, management, board of directors, shareholders) determine what a company does and how it acts. "Numbers go up" isn't always the motivating factor, and I'd wager that the majority of privately held corporations (i.e. small businesses) are fine with "numbers go up modestly" because they are lifestyle businesses, not growth businesses.