What characteristic of common stock provides voting rights?

The characteristic of common stock that provides voting rights is ownership stake. Owning common stock in a company signifies that the shareholder has an equity interest in the company, which typically includes the right to vote on important matters such as electing the board of directors, approving significant corporate transactions, and other decisions that may affect the company's direction.

Voting rights are an integral part of common stock ownership, as they empower shareholders to have a say in how the company is managed and operate, reflecting their investment in the company. This involvement in corporate governance is one of the key reasons investors purchase common stock.

The other options, while related to aspects of common stock, do not pertain specifically to the provision of voting rights in the context of common stock ownership. Limited liability relates to the protection of shareholders from being personally liable for the debts of the corporation. Dividend payments refer to the distribution of a portion of a company's earnings to its shareholders, and market fluctuation describes the change in stock prices due to market conditions rather than shareholder rights.