.... Furthermore, the moderating impact of financial constraints (FC) is investigated in this relationship. Design/methodology/approach The study's sample consists of 165 non-financial Pakistan Stock Exchange-listed companies from 2010 to 2023. The sample companies' capital structure is calculated by the ratio...

... a higher proportion towards dividend payments; followed by debt adjustments; then to investments; and lastly, to equity repurchases. Research limitations/implications The findings are consistent with the existence of a significant financial constraint in African markets, and the use of dividends...