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This paper compares the dividend policy of firms controlled by owners to firms where owners are a minority relative to non-owning employees, customers, and community citizens. We find that regardless of whether owners or non-owners control the firm, the strong stakeholder uses the dividend decision to mitigate rather than intensify the conflict with the weak stakeholder. This result is inconsistent with the outcome model and consistent with the substitution model of payout policy, which positsdoi:10.2139/ssrn.1343418 fatcat:elwtaqe7a5hctggotilj56nsma