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The purpose of the article was to find out factors that affect dividend decisions in Estonian non-financial firms. Our analysis was based on the firm-level data of all Estonian companied for the period 2008-2011. Our dataset includes the period of latest financial and economic crises (2008-2009), which allowed us to analyze the dividend policy in case of extremely negative economic environment. Our database included more than 30 thousand observations. Based on the regression analysis we found that the factors infl...