One of the main disputes that affect dividend policy is that the disadvantages with regard to taxation of dividends. However, shareholders, each with a different tax rate. Therefore, it is argued that the dividend policy is supposed to decide the needs of groups of major shareholders only Yes or no. From the information given in the table 1 it seems that major shareholders are retail investors, but in a group of retail investors, they will have different preferences. Therefore, there is not enough information to identify the kind of dividend policy that is best suited for new wave.
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