ACCA P4 Advanced Financial Management: Study Text by BPP Learning Media

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As tud Given the pecking order theory mentioned above, whereby companies generally prefer to use retained earnings first to finance investments, how do some companies manage to pay dividends at all? If companies have access to debt finance, they can borrow money to finance investments. This releases a proportion of retained earnings to be paid as dividends. Known as 'borrowing to pay a dividend', this practice is only legal if the company in question has accumulated realised profits. 1 Dividends and the company's life cycle A company's dividend policy will vary depending on the stage of the company's life cycle.

Their existence suggests the assumption that the main purpose of a company is to maximise shareholders' wealth is too simplistic. Many companies have non-financial objectives that may limit their ability to achieve their financial objectives. They do not negate the financial objectives but emphasise the need for companies to have other targets than the maximisation of shareholders' wealth. tud Question Non-financial objectives Suggest a non-financial objective for each of the following companies.

Their existence suggests the assumption that the main purpose of a company is to maximise shareholders' wealth is too simplistic. Many companies have non-financial objectives that may limit their ability to achieve their financial objectives. They do not negate the financial objectives but emphasise the need for companies to have other targets than the maximisation of shareholders' wealth. tud Question Non-financial objectives Suggest a non-financial objective for each of the following companies.

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