IPO's are usually the beginning of the end as far as a company being responsive to its customers and producing quality. From the time an IPO is made, the company is responsive only to its shareholders and that's it. Thanks, Bork and Friedman!
A thought occurred to me a few weeks ago... it was another Hacker News thread, forget which, but someone had mentioned the specific case law which cemented this fact. Maybe it was Ford himself? The details escape me, but afterwards, companies were forced to prioritize shareholders above all else. But legislators aren't exactly forbidden from creating new types of companies. As ignorant as I am of most things business…
Publicly traded companies have to state what they prioritize. It's as simple as that. If they don't, they must prioritize profit, but not short-term profit.
That rule is usually blown out of proportion, it just can not explain the modern companies behavior.
(But yeah, they must prioritize shareholders. That means that the shareholders are the ones that decide that stated priority, into whatever they want.)