The study looked at how companies in Zimbabwe make financial decisions like how much debt to take on and how much to pay out in dividends. They found that after a reform in 1992, companies in Zimbabwe started relying more on borrowing money. Most of the financing comes from outside sources, especially short-term loans. Companies prefer using their own money over borrowing, and they use cash reserves to fund investments. Companies with more debt tend to pay out less in dividends. Larger companies can handle more debt than smaller ones. Companies with high growth rely more on outside funding and pay out less in dividends. Cash flow and institutional investors make it more likely for companies to pay dividends. The study shows that a company's financial decisions are connected, and companies with a lot of debt tend to pay out less in dividends.