How do you think about agency problems or issues here?

What I mean is some executives may be more inclined to do what's best for them and their well-being as opposed to the overall company and shareholders.

They may decide to take too much risk as they may not have put any money into the business. It's all bond and stock investors. Or the inverse, they won't take any risk because they like their comfortable salary and position. What about not doing a merger because they are worried the other executive team may threaten to take their roles and run the combined company?