“…Minority shareholder activism can come from various types of minority shareholders, including institutional shareholders (e.g., Crespi & Renneboog, 2010;Hadani, Goranova, & Khan, 2011;Opler & Sokobin, 1995;Smith, 1996), hedge funds (e.g., Becht, Franks, & Grant, 2014;Coffee & Palia, 2014;Gantchev, 2013), and by the retail/individual shareholders (e.g., Gillan & Starks, 1998;Noe, 2002;Mohd Fahmi & Omar, 2005;Yeoh, 2010;Guan, 2005). However, in terms of engagement density, individual minority shareholders activism, in the U.S for example, was great during the rise of shareholder activism after the SEC introduced a rule on shareholders' proposal submissions.…”