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Agency theory suggests that CEOs view dividends unfavorably because dividend payouts deprive them of the free cash flow … dividend-paying firms, a rise in CEO power by one standard deviation reduces the size of dividend payouts by 5.91%. Share …
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We contribute to the literature on dividend policy by relaxing Miller and Modigliani's (1961) perfect capital market … dividend payouts by 29%. Our results are consistent with the notion that talented managers, confident in their ability to keep …
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