The article analyses inter-dependencies between dividend, capital structure, and cost of capital, factoring the … concentrated ownership. Dividend, leverage, and average cost of capital are inter-linked. However, family firms pay lower dividends …

few families. These business groups are often organised around a holding company. We analyse the dividend payouts of … the effects of several control-enhancing mechanisms (CEMs) on dividend payouts. We use precise quantitative proxies for … business group companies have lower dividend payouts as the divergence between control and ownership rights widens and the …