For what it’s worth with respect to the list of problems above, I’d actually add a 6th as an explicit item (it’s kind of implicit in the others, but seems worth calling out), which is that it’s bad for the company’s customers.

All of the other shenanigans can entice even the most well-intentioned leaders to lose sight of the needs of their customers in favor of those of their shareholders. Smart companies address this by spinning off new subsidiaries or investing in smaller companies which have the luxury of risk-taking that they no longer have, but I’d be curious to find out what types of decisions and good-for-consumer-risks large company executives would make if they weren’t afraid of being summarily fired the next day.