Firms avail themselves of external finance to manage obligations to pay dividends, along with other commitments. Indian firms, which have significant ownership concentration, present a unique opportunity for analyzing the influence of promoter holding on financed dividend payouts. This study also analyzes the dependence of standalone firms (i.e., those that are not part of a business group) on these financed dividends along with the firms in business groups. The study asserts that firm affiliation affects the decision on the type and extent of external capital used to finance payout. Promoter holding has a positive impact on debt as well as equity-financed payouts at standalone firms; the relationship is nonlinear and a higher proportion of promoter holding has a constraining effect on such payouts, supporting the agency cost theory. The size of the firm plays a significant role in firm decisions about financed payouts. Firms with lower operating cash flows and high leverage have a higher tendency to finance their payouts.

公司利用外部融资来管理支付股息的义务以及其他承诺。所有权高度集中的印度公司为分析发起人持股对融资股息支付的影响提供了独特的机会。本研究还分析了独立公司（即不属于商业集团的公司）以及商业集团中的公司对这些融资红利的依赖。该研究断言，公司隶属关系会影响用于支付支出的外部资本的类型和范围的决定。发起人持股对独立公司的债务和股权融资支出有积极影响；这种关系是非线性的，较高比例的发起人持股对此类支出有约束作用，支持代理成本理论。公司的规模在有关融资支出的公司决策中起着重要作用。经营现金流量较低且杠杆率较高的公司更倾向于为其支出融资。