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| Author: | Keasey, K. Watson, R. |
| Title: | Owner-manager drawings, firm performance and financial structure : an analysis of small and closely-held UK firms |
| Journal: | Journal of Business Finance and Accounting
1996 : JUL, VOL. 23:5&6, p. 753-777 |
| Index terms: | COMPANY PERFORMANCE SMALL BUSINESS FINANCIAL MANAGEMENT |
| Language: | eng |
| Abstract: | This paper examines equity withdrawals (drawings) in the form of director's fees and dividend payments for a sample of 110 small and closely held UK firms. Drawings are hypothesised to be related to expected profits via a fixed payout ratio and to unexpected profits via a partial adjustment process. The relationship of drawings to equity is expected to reflect owner-manager incentives to retain sufficient equity in the business to maintain creditor support. The empirical results, covering the period 1986 to 1991, confirmed the expected relationship of drawings to profitability. |
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