Based on the dividend growth model why might a company be, Financial Management

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Based on the dividend growth model why might a company be

1) Based on the dividend growth model, why might a company be hesitant to reduce its dividend growth rate?

2) Certain industries such as utilities are known for generally high dividend payout ratios, whereas other industries exhibit generally low or no dividend payout ratios. Why might that be? What does a company's dividend policy say about management's view of the company?

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