What should successful companies do with their growing piles of cash? Apple, which has $140 billion on hand, is being forced to address this question by one of its prominent shareholders.

David Einhorn, a well-known hedge fund manager, wants the company to return some of its cash to shareholders by issuing preferred shares that would pay guaranteed dividends. He sued the company and won a small victory recently but has not been able to force the company to adopt his specific proposal on how it should use its cash. Nonetheless, Apple’s top executive, Tim Cook, has said the company is considering options, which could include raising its dividend or buying more shares.

Companies across America have the same problem — if having too much money can be called a problem. A study by the Federal Reserve Bank of St. Louis found that publicly listed companies held an estimated $4.75 trillion in cash in 2012, up from just $1.2 trillion in 1995. Cash as a percentage of corporate assets has more than doubled to more than 12 percent, from less than 6 percent in the 1990s.

The size of corporate cash, which dipped briefly during the recent recession but is growing again, suggests that companies could be doing much more with their money — especially since they are earning little by parking it in bank accounts or government bonds, given the historically low interest rates.