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This paper investigates the relationship between Investment Opportunity Set (IOS) and dividend policy and if ethnicity and family ownership moderates this relationship in an emerging economy context. The contracting explanation based on Jensen's Free Cash Flow Theory (FCF) [22, 36] is empirically examined using a series of firm characteristics including industry type, size, return on assets, duality, government linked and debt to assets. Family ownership is examined because there seemed to bedoi:10.22495/cocv12i1p9 fatcat:ny75ir2afrhohbxyflf5t4rfwi