Gillan and Starks (2000)

Gillan, Stuart L., and Laura T. Starks.  “Corporate governance proposals and shareholder activism: the role of institutional investors.”  Journal of Financial Economics, August 2000.

From the authors' abstract:  "… To measure the success of shareholder activism, we examine voting outcomes and short-term market reactions conditioned on proposal type and sponsor identity. The voting analysis documents that sponsor identity, issue type, prior performance and time period are important influences on the voting outcome. Proposals sponsored by institutions or coordinated groups appear to act as substitutes gaining substantially more support than proposals sponsored by individuals. The nature of the stock market reaction, while typically small, varies according to the issue and the sponsor identity."

Link:  https://www.sciencedirect.com/science/article/abs/pii/S0304405X00000581?via%3Dihub