International Firm Goal Would our goal of maximizing the value of the stock be different if we were thinking about financial management in a foreign country? Why or why not?LO $41\mathrm{.}12$ Agency Problems Suppose you own stock in a company. The current price per share is $$25.$ Another company has just announced that it wants to buy your company and will pay $$35$ per share to acquire all the outstanding stock. Your companys management immediately begins fighting off this hostile bid. Is management acting in the shareholders best interests? Why or why not?LO $41\mathrm{.}13$ Agency Problems and Corporate Ownership Corporate ownership varies around the world. Historically, individuals have owned the majority of shares in public corporations in the United States. In Germany and Japan, however, banks, other large financial institutions, and other companies own most of the stock in public corporations. Do you think agency problems are likely to be more or less severe in Germany and Japan than in the United States? Why? In recent years, large financial institutions such as mutual funds and pension funds have become the dominant owners of stock in the United States, and these institutions are becoming more active in corporate affairs. What are the implications of this trend for agency problems and corporate control?LO $41\mathrm{.}14$ Executive Compensation Critics have charged that compensation to top management in the United States is too high and should be cut back. For example, focusing on large corporations, in $2020,$ General Electric CEO Larry Culp made about $$73$ million and Nike CEO John Donahoe made about $$54$ million. Are such amounts excessive? In answering, it might be helpful to recognize that superstar athletes such as Cristiano Ronaldo, top entertainers such as Dwayne Johnson, and many others at the top of their respective fields earn at least as much, if not more.LO $41\mathrm{.}15$ Sarbanes$-$Oxley In response to the Sarbanes$-$Oxley Act, many small firms in the United States have opted to go dark and delist their stock. Why might a company choose this route? What are the costs of going$$dark$?$