2. The external factors
a. The covenants
In developing the dividend policy, management should keep in mind that sometimes there are clauses in contracts of the company imposing restrictions on distribution of dividends.
b. Tax considerations
The distribution of dividends in a company depends the tax position of shareholders. Where shareholders majority, who control it, are in the class highly taxed investors, in this case, they will opt for more capital gains tax which is lower than for dividends (Benartzi, Michael & Thaler 1997, p. 1009).
Like any financial policy, distribution policy dividends have been regulated by law. Thus, the business managers must comply with rules force (Baker and Wurgler 2004, p. 1127). For example, it is prohibited in the absence of profits, paid out of the capital to make the payment of dividends.
All these factors just mentioned are all elements that may limit the freedom of managers of a company in developing their distribution policy, and explain the adoption by them of a policy of stabilization of the dividend year.
在一个公司的股利分配取决于股东的纳税地位。股东多数，谁控制它，是班上的高税率的投资者，在这种情况下，他们会选择更多的资本利得税，这是低于红利（Benartzi迈克尔& Thaler，1997，p. 1009）。
像任何金融政策，分配政策股息已由法律规定。因此，企业管理者必须遵守的规则的力量（Baker和Wurgler 2004，p. 1127）。例如，它是没有利润的禁止，支付的资金来支付股息。