hy do fi rms with diverse shareholder bases typically pay higher dividends than private fi rms or public fi rms with concentrated ownership structures? How are fi xed dividends used as a bonding...

hy do fi rms with diverse shareholder bases typically pay higher dividends than private fi rms or public fi rms with concentrated ownership structures? How are fi xed dividends used as a bonding (commitment) mechanism by managers of fi rms with dispersed ownership structures and large amounts of free cash fl ow?