Chapter 14 Business Valuations - Yola

Furthermore, the dividend payout ratio is a measurement that can be seen as highly independent to external factors, as the inputs of the formula are accounting figures from the firm (Penman, 2009). McManus, Gwilym & Thomas (2004) discuss that this measure of dividends is more informative regarding signalling effects due to the formula taking into account only internal factors. The second ... ................
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