But in large, complex companies, with investors in the millions, they are likely to exercise a third right, the right to sell. While some economists will argue sale of the stock sends a significant message to management, I agree with Edward Jay Epstein, who said that "just the exchange of one powerless shareholder for another in a corporation, while it may lessen the market price of shares, will not dislodge management--or even threaten it...
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On the contrary, if dissident shareholders leave, it may even bring about the further entrenchment of management--especially if management can pass new laws in the interim."1 Just because shareholders desert a sinking ship, that does not mean that management will plug the leaks. Sears Sears Roebuck was a classic example...
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Sears, Roebuck And Co. Vs. Wal-Mart Stores, Inc Cost of sales was equivalent to 65% of total revenues. Bad debts cost Sears approximately $1.5 billion. Provision for uncollectible accounts was 31% of credit revenues, and the delinquency rate went up to 7% from 5...	2 / 310
Sears, Roebuck And Co. Vs. Wal-Mart Stores, Inc Provision for uncollectible accounts was 31% of credit revenues, and the delinquency rate went up to 7% from 5.4% the previous year. At 200 days Sears’ average receivables collection period was very high when compared to Wal-Mart’s 3 days...	3 / 625
Ocean Carriers Sears offers the Sears Card because it believes it "makes it more attractive for customers to purchase goods and services from the Retail and Services Businesses" ...	6 / 1493
Sears and the dishwasher industry After all these years it will be very difficult for Sears to pull back from D&M and go after another supplier. Sears is very conscious of its customers' desire for to quality at an affordable price, because Sears knows that the price value trade off is still number one motivation...	2 / 343