[JumpCrisscross]

> Activist investors are a small subset of all investors. Most investors are just out there to ride the business cycle to the top.

There is research on dual-class firms. "Excess insider control is associated with decreased overall [corporate social responsibility] ratings," with the "community and employee dimensions...display[ing] the strongest negative association with excess insider control" in firms not in "the top decile or quartile of firms with respect to their cash and cash equivalents, operating cash flow, and free cash flow" [1].

Outside the limited case of technology company founders and family-owned firms, the evidence is strongly in favor of investor-controlled companies over the alternatives in virtually every dimension of "better."

[1] https://www.sciencedirect.com/science/article/abs/pii/S02784...}