The study looked at how minority shareholders in Chinese companies use their power to influence decisions. They analyzed 781 proposals made by minority shareholders since 2005. They found that when a company has many small shareholders and not one big owner, minority shareholders are more likely to make proposals. They also target poorly performing companies. The success of their proposals depends on whether they are friendly to management and who is making the proposal. When minority shareholders target a company, the top management often changes, but the company's performance doesn't improve in the long run. Minority shareholders' activism is all about power and influence.