It found that 83% of German managers surveyed in 1995 considered that the companies they worked for belonged to stakeholders rather than shareholders.

在1995年的调查中，83%的德国经理人认为自己效力的公司为利益相关者所有，而非为股东所有。

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After all, don’t shareholders prefer to own aprofitable company rather than an unprofitable one?

毕竟，股东希望拥有一家能够盈利的公司，而不是一家亏损的公司吗？

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These figures suggest that Japanese managers are paying attention to investors who criticise them for holding on to cash rather than returning it to shareholders.

上述数据显示出，日本经理人正在关注那些批评公司持有现金而不向股东返还的投资者。

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Keeping union power in check, the three economists find, helps managers to boost their own, rather than shareholders', income.

ECONOMIST: Who pays for unions?

In terms of management, both clubs are accountable to their socios or members, rather than shareholders or some rich owner.

FORBES: FC Barcelona Raking In The Big Bucks: Revenue Hits Record ��494 Million

The Treasury cannot, for example, force them to write down mortgage principal to mitigate defaults, even though taxpayers rather than shareholders would bear any associated costs.

ECONOMIST: America's housing market