on unlisted companies is included. The dividend policy of Japanese companies, awareness of corporate governance, funding … and size of the company are also important factors. -- Japanese small firms ; Financial decision ; Main banks ; Dividend …

of stakeholder management on firms' dividend policies. Because a firm's board of directors determines whether and how … much to pay dividends, we use dividend policies as appropriate measures of firms' orientations toward shareholder value … maximization. Our findings show no relationship between stakeholder management and dividend policies in most estimations. However …

, the analysis of dividend adjustments indicates that firms with concentrated ownership are less likely to increase … dividend policy to remove excess cash and impose greater financial discipline. Instead, the results highlight the diverging …