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Chapter 5






                          Overview








                                                                                          Clientele
                                                                                            effect




                   Modigliani
                                                                 Practical
                  and Miller –
                    dividend                Theory                 issues                 Signalling
                  irrelevancy


                                                                                             Scrip


                                                                                          dividends/
                                                   THE DIVIDEND                             share
                                                      DECISION                            buybacks






                                               Dividend policy in

                                                   multinational
                                                    companies
























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