Long-term shareholder perks and stock price reaction.

On the contrary, in the case of an unfavorable change, we found a weak trend of shrinkage in the shareholder base due to individual shareholders’ defection and a consequent decrease in stock liquidity.

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We next examine changes in the number of shareholders before and after the introduction of the long-term shareholder program, uncovering an increasing trend for favorable changes and a decreasing trend for unfavorable changes.

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