Roberts et al. (2006) concluded that private face-to-face meetings between top managers and representatives of the company's major investors, namely fund managers and financial analysts, disciplined top managers to pursue increased shareholder value. They stated (pp. 290–91):
“From this perspective, the meetings serve as a ritual reminder of the interests of shareholders in the company that thereby achieve a permanent presence in the minds of managers. Some of the managers we met were, in this way, almost more dedicated to the pursuit of shareholder value than the fund managers they were meeting.”