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Most company managers overwhelming feel that: 1) dividends should be increased annually no matter what. 2) once a dividend is increased, it should not be

Most company managers overwhelming feel that:

1) dividends should be increased annually no matter what.

2) once a dividend is increased, it should not be decreased.

3) dividend smoothing is talked about but rarely affects dividend decisions.

4) dividends should be flexible and adjusted annually in response to changes in the firm's earnings.

5) the personal taxes of their shareholders must be their primary consideration when setting dividend policy.

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