German Executives Are Not Dedicated to the Maximization of Shareholder

German executives are not dedicated to the maximization of shareholder value to the degree that is the case for executives in the UK and United States largely because:

A) the roles of CEO and chairperson of the Board of Directors are usually combined.
B) large institutional investors control large blocks of stock.
C) private shareholders and large institutional investors rarely have large ownership positions in firms.
D) of the focus on stewardship-management in German firms rather than the financial performance focus of U.S. firms.