Practically speaking there's huge amounts of bad management because no one thinks clearly about good management and they're protected from upstarts who might because we have a zombie economy In theory though you'd actually expect that you can't neatly divide P&L responsibility
If you can slice out all the P&L for one division neatly you can simply spin the business off The ones that get conglomerated into a large firm are those businesses that can't be neatly disentangled - there's a rational reason for some of this in the private sector
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