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b) A sucessful small cap growth con pany, TechMax Lid, also operates in the biotech...

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b) A sucessful small cap growth con pany, TechMax Lid, also operates in the biotech industry It has been gerealingiogular eamings over the same period as Tech-Tok Lid but never pays any casa dividends Explain this practise d not paying casli ev Jends based on 0) The clientele effect (3 marks) 01 Dividend smaling theory

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