Hedge funds are becoming more adept at forcing change within public companies, according to a new study.

Hedge fund shareholder activism campaigns are enjoying “surprising success” as catalysts for change, according to the report released this week by New York-based investment bank Morgan Joseph & Co. The firm surveyed 94 such campaigns that involved hedge funds buying an influential block of shares, and found that more than one-third won a position on the targeted company’s board. These hedge funds then used their board seats to initiate changes in the company’s strategic direction.

This success will inspire more hedge fund managers to adopt an activist investment style in the years ahead, according to the study’s authors, who caution companies seeking a defense against these funds to maintain a high stock price and consistently review “strategic, financial and operational options.”

The study evaluated campaigns waged by 29 hedge funds over the past two years.