Which of the following is a key characteristic of common stock?

Common stock is primarily characterized by the provision of voting rights to its shareholders. This means that individuals who hold common stock have the ability to influence company decisions, such as electing the board of directors and voting on significant corporate policies. This characteristic is one of the main distinctions of common stock compared to preferred stock or other types of securities, where such voting rights may not be granted.

The nature of common stock also implies that dividends are not guaranteed; they depend on the company's profitability and decisions made by the board of directors. Unlike fixed income securities, common stock does not have a fixed maturity date, allowing it to remain in existence as long as the company is active. Moreover, in the event of liquidation, common shareholders are last in line to receive any distributed assets after debts and obligations are settled, which is another differentiating factor from other forms of investment.

Thus, voting rights stand out as a defining feature of common stock, providing shareholders with a level of control and influence that is not typically afforded in other investment types.