In the context of governance mechanisms, mechanism refers to shareholders' willingness to work with managers, usually through the board. a. corporate control-based b. private equity-based c. voice-based d. exit-based

C. Voice-based (mechanisms).

Explanation:

As the exercise details, a voice-based mechanism is the one that focuses on shareholders' willingness to work with managers by giving voice to their concers. This is an internal finance mechanism, opposed to the external (or exit-based) mechanisms that sells their shares.