Final answer:
It is true that setting goals and objectives for an organization is not solely the responsibility of top managers; it is a multi-layered process involving input from various levels of management.
Step-by-step explanation:
True. It is not only the top managers who set goals and objectives for the entire organization. While top executives have significant influence in the decision-making process, including choosing candidates for the board of directors who will represent the shareholders' interests, goal-setting is a more distributed process across various levels of management. The traditional manager/employee relationship is evolving to a more egalitarian and cooperative dynamic, with employees at all levels contributing to the organizational goals, enabled by resources and support from their supervisors.
The governance of a company involves various stakeholders, and while top management plays a crucial role, the inputs from various departments and employees help shape the goals that steer the entire organization. This input diversifies the expertise and perspectives that go into goal setting, creating more comprehensive objectives that align with the broad outlook of the firm.