# kaal:claim:5583610-038

**Claim.** Because LER rewards favor technologically capable holders, the program risks entrenching inequality among shareholders and inviting ESG backlash and reputational cost.

**Type.** failure  **Support.** asserted

**Holds when.**

- shareholder bases with uneven technical access

**Source quote.**

> Inequality exacerbation, favoring tech-savvy holders, poses reputational risks, potentially inviting ESG backlash and associated mitigation expenses.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 9.1. Costs and Risks, page 33

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Failure mode.** tech access inequality  (family: inequality-and-access-divide)

**Topics.** reputation, risk-and-incentives

**Keywords.** digital-divide, retail-access, reputational-risk, esg-backlash

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