This is another example of agency theory (discussed above).
Shareholder versus Creditor Interests
These two parties have different relationships to the company, accompanied by different rights and financial returns. For example, shareholders have an incentive to take on riskier projects than creditors do, as creditors are more interested in strategies that will increase the chances of getting their investment back. Shareholders also prefer that the company pay more out in dividends than creditors would like.
Other Stakeholder Conflicts
There are conflicts among other stakeholders, such as those between:
customers and shareholders;
customers and suppliers;
shareholders and government or regulators.
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