The authors suggest that the most likely progression of ownership goes from

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The authors suggest that privately held firms tend to start with 100% private ownership and gradually decrease as they seek external funding or investors. Therefore, the most likely progression of ownership would be from 100% privately held to 80%, then 40%, and eventually 0%. Option B) is the opposite scenario and not supported by the authors, and option C) is not a progression but a statement of status quo.

The Authors Suggest That the Most Likely Progression of Ownership