The study looked at whether companies are more likely to pay dividends when investors want them to. They analyzed data from 527 companies in Indonesia from 2007 to 2016. By using a statistical method called logistic regression, they found that when investors show a strong interest in dividends, companies are more likely to pay them. In fact, the probability of a company paying dividends increases by 2.19 times for every unit increase in investor demand for dividends.