To what extent do shareholders contribute to the running of a business?
Answers:
In Private companies, especially early- to intermediate-stage, they play a crucial role. All crucial investment, strategy, hiring/firing and business queue decision require at lowest possible ratification by shareholders, depending on the primer of the shareholders' agreement.
Once public, shareholders typically play a more back-seat role, unless that shareholder owns a significant stake or is taking a stake to effect change within regulation of the company within decree to hope unusual returns. Hedge funds frequently do this.
They provide capital(cash) by purchasing shares of stock (ownership). They usually don't go and get involved in the hours of daylight to morning running of the business.
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Only if they hold nominate power for appointing the board of directors. Otherwise nil. Because its the board that make decision. But again it depends in the size of the company and whether its scheduled or not. The influence of shareholders is more pronounced in unlisted companies.
Is the business a small one or significant one? The answer is fundamentally different base on that give somebody the third degree.