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shareholders, including their further sale. Share repurchase is like dividend payout a form of transferring profit to shareholders … adjusted Polish legal solutions to those valid in developed capital markets. -- payout policy ; share repurchase ; dividend …
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We examine the relation between the shareholder base and payout policy. Consistent with the idea that the shareholder base is related to the cost of external financing we find that fi rms with small shareholder bases have lower payout levels and maintain higher cash holdings. We show that...
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in favor of agency considerations. Studies centered on the May 2003 dividend tax cut confirm that differences in the …
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