This is kind of true. But the leadership often answers to the board of directors, which have often been shareholders that buy into control of the company after it goes public. At this point, you have shareholders who own no personal stake in a company. Often their only goal is to make a profit, sometimes they're "serial entrepreneurs" who make their millions getting on boards and "flipping" the company to make a huge profit in a short amount of time.

So it's kind of management, but it's also management brought on by the presence of public investment in a company.

Combine this with the fact that the law has come down more than once on the side of choosing options that make the company money over maintaining company policy and you get a really terrible culture of publicly traded companies gouging themselves for short term profit (or even long term profit done in a shitty way.)

Oh, I realize I repeated some of what you said. But you did say "it's not about shareholders" to be contrarian, then went on to explain (like I did) how it's actually exactly because of shareholders.

Edit: what the fuck I literally can't comment on the comment below.