Robert Aaron Gordon Quote

Speak... of the separation of ownership and active leadership. Ordinarily the problem is stated in terms of the divorce between ownership and "control". This last word is badly overused, and it needs to be precisely defined... Our procedure... will be to study the ownership of officers and directors and then to ascertain the extent to which non-management stockholdings are sufficiently concentrated to permit through ownership the wielding of considerable power and influence (control?) over management by an individual, group or another corporation.

p. 24, footnote 20; as cited in: Marco Becht et al. Corporate Governance and Control, 2005. p. 61 - Business Leadership in the Large Corporation (1945)