Gardiner Means

…the 1930s Adolf Berle and Gardiner Means, the authors of the influential book The Modern Corporation and Private Property, argued that the nature of the rights that shareholders enjoyed changed importantly during the early stages of the 20th century. In particular, during the 19th century those who supplied financial capital…

… (1933) by Adolf Berle and Gardiner Means. When the authors demonstrated that in most American corporations the owners (that is, the stockholders) played no direct role in the management of the concern and that the managers generally had insignificant holdings of stock, it became apparent that theories of entrepreneurial behaviour…