> If other fast food establishments have been reluctant to raise wages, Jayaraman added, it’s because pressure from investors has elevated quarterly gains above the potential long-term benefits of happy workers. In-N-Out has no public shareholders.

Well, that's a reason why I think lots of startups these days opt for a much later public offering. Public investors are just very short-sighted on making a smart financial investment decision. Can't blame them, we are all been told using number (or some measurable metrics) to evaluate any businesses without even understanding what does the business do.