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 …

,760 firm-year observations. We prepared regression models for the dividend and investment ratio depending on the company … cash flow hypothesis and signaling theory of dividends. Dividends and investment might be a tool to mitigate managerial … situation. The results contribute to the literature on firms' investment- and dividend-cash flow sensitivity and the order of …