All of the following might influence a firm's dividend payment EXCEPT

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Ordinary share par value does not affect a firm's dividend payment as it is a nominal value assigned to shares when they are issued and has no impact on earnings or cash flow. A dividend payment is usually based on earnings and cash flow available to distribute to shareholders, as well as the firm's dividend policy. Investment opportunities, investor transaction costs, and flotation costs can all impact a firm's dividend payment.

All of the Following Might Influence a Firm's Dividend Payment