Speculation is often represented in a company's registry through its churn. The mistake is made when one assumes that all churn is bad or undesirable.

There are two types of churn: Negative churn in the registry is caused by existing shareholders vacating the registry. This is caused when they believe that their individual objectives are not going to be satisfied by the company they have invested in; or that another company has a greater liklihood of satisfying those objectives. Their flight from the registry softens share price.

Positive churn on the other hand, occurs when external investors see value in the company's stock and pursue it (as well as existing shareholders adding to their holdings). This action tends to strengthen share price.

If the question is "Can boards develop strategies to squeeze speculation out of the financial markets" then I would suggest that you wouldn't want to do that if you are targeting "all speculation" because it will hurt shareholders. On the other hand, diminishing negative churn and encouraging positive churn is a shareholder-enhancing activity.

And the best way to damped negative churn is to know what your shareholders want (i.e. establish their shareholder metrics) and align the corporation to their delivery.