What is it about?

This paper studies the effectiveness of loyalty shares—shares granting extra dividends or voting rights to shareholders holding them for a specified period of time—in limiting short‐termism.

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Why is it important?

Corporate short‐termism is arguably one of the main causes of economic, social, and environmental unsustainability.


This study contributes to academic literature on corporate governance and accounting and informs the debate among policymakers on loyalty shares' effectiveness.

PhD Elise Soerger Zaro
Universidade Federal da Grande Dourados

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This page is a summary of: Are loyalty shares an effective antidote against short‐termism? Empirical evidence from Italy, Business Strategy and the Environment, May 2020, Wiley,
DOI: 10.1002/bse.2473.
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