greater competitive threats from rival firms in product markets. However, the real effects of dividend policy on product … market outcomes are not widely understood. This paper investigates the causal effects of dividend policy on sales growth in … product markets. Exploiting the 2003 dividend tax cut as the exogenous shock to dividend policy and the cross-firm variation …

firm-specific factors in three Asian countries, Japan, Malaysia, and Pakistan. Firm-specific factor studies include firm … (1989-1998). It is found that Japan and Pakistan have very high leverage levels, while Malaysia has the lowest. It can be … in Japan and Pakistan. The results on firm factors are largely mixed. However, there is a tendency for assets …