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by mygo 2794 days ago
It's not the same conflict of interest, but of a different class.

It's all about managing future expectations. Equity implies future profits being predicated on the success of the stock. And so current actions are influenced by future expectations.

A wheelbarrow of Free Cash Today does not imply anything about future expectations, unless you may be expecting another wheelbarrow in the future.

Still, it's common in practice for people to feel like they are indebted to their donors. But should you feel like you owe someone for them giving you something for free? Well, if so, then it wasn't free.