DuPont's move may at least ease some shareholder pressure for the company to split in two.

But the council stopped short of saying that those companies should be the targets of shareholder pressure to do a better job for their shareholders.

The research separated the companies into two groups, according to whether their bylaws made it relatively easy or hard to resist shareholder pressure.

As the balance sheet grew stronger, shareholder pressure mounted to either expand or sell the company.

This time, Texaco was under shareholder pressure to find a partner.

"They are probably our best competitor," he said, citing the private company's freedom from shareholder pressures.

"They are trying to do that through shareholder pressure."

They will need to move quickly before shareholder pressure to ditch pension liabilities grows.

The Reichmanns believe these sources will be more stable than banks and not subject to shareholder pressure during hard times.

The stock, which had been trading around $25 in the 1980s, now sold for only $3, leading to strong shareholder pressure to implement significant management changes.