The Impact of Dividend Policy on Financing Decisions and Capital Structure in Joint-Stock Companies

This study provides a theoretical and practical analysis of the impact of dividend policy on financing decisions, capital structure, and firm value in joint-stock companies. It examines the interrelationships among dividend payouts and retained earnings, the need for external financing, changes in debt burden, and shareholder expectations. Various theories, including dividend irrelevance theory, the "bird-in-the-hand" theory, tax preference theory, signalling theory, and agency theory, are compared. A practical approach is proposed for joint-stock companies in Uzbekistan, based on aligning the dividend payout ratio with free cash flow, investment programmes, and target leverage.