Little research has been done into why shareholder activism is so effective, but a recent study sheds new light on how business can work with advocacy organisations to create positive change Since 2010, the pool of funds used for shareholder activism campaigns around the world has quadrupled from approximately US$50 billion ($73 billion) to more than US$200 billion ($291 billion). But in Australia, activism demands towards mid-to large-cap ASX companies � companies with a market value greater than $2 billion � are extremely rare, according to ASX data. Indeed, recent figures show that around 80 per cent of public shareholder activist demands in the first half of 2019 (up from approximately 60 per cent in 2018) targeted ASX companies with a market value below $50 million.