Final answer:
The minimum number of investors required to change the company’s management is three, including Investors 1, 2, and 3. Investors 1 and 2 together do not hold a majority and thus need the support of other shareholders to control the company decisions.
Step-by-step explanation:
The question relates to shareholders' voting power in a corporation. Determining the minimum number of investors needed to change the company's top management involves calculating the majority of the 100,000 outstanding shares. Since each share equates to one vote, over 50% of the votes are needed to pass a decision. In this scenario, the threshold is 50,001 votes. Investor 1 and Investor 2 together have 38,000 shares. To achieve majority control, they would need the support of the investor or investors who collectively own more than 12,001 shares. In this case, any coalition of investors that include Investors 1 and 2 and either Investor 3 alone or Investors 4 and 5 together would be enough to surpass the majority threshold. Hence, a minimum of three investors would suffice if they include Investors 1, 2, and 3. However, if investor 3 is not part of the coalition, at least four investors, which include Investors 1, 2, 4, and 5, would be necessary.
Investors 1 and 2, even if voting together with their 38,000 shares, cannot always guarantee getting their way in how the company is run since they do not own more than half of the outstanding shares. They would need additional support from other shareholders to reach a majority vote.