ABSTRACT
A major example of voice is the opinions expressed by shareholders at shareholder meetings. Shareholders can involve themselves in important operational decisions and exert discipline over management by participating in discussions with managers and exercising their voting rights at shareholder meetings. Another example of voice is dialogue between a firm’s management team and its employees conducted by their labor union. At the negotiating table with management, labor unions not only demand better salaries and working conditions on behalf of their members, but also discuss operational details and push for relevant improvements.
