Журнал бизнеса и экономики

The Development of Non-State Educational Services in Uzbekistan is an Important Factor in the Improvement of Human Capital

Abstract

Urazov Sadulla Shodiyevich

This study examines how three external governance mechanisms interact with the internal family-governance system to influence dividend payout decisions. The findings indicate that family businesses deliver fewer dividends when the market prefers dividends. Contrarily, family firms release more dividends under greater monitoring from institutional investors and debt holders. The study expands various theories and generates policy implications.