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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 …
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,760 firm-year observations. We prepared regression models for the dividend and investment ratio depending on the company … situation. The results contribute to the literature on firms' investment- and dividend-cash flow sensitivity and the order of … decisions: in a residual dividend policy, investment decisions are made first and the remaining profit is paid out as dividends …
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