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We study a model of a corporation which has the possibility to choose variousproduction/business policies with different expected profits and risks. In themodel there are restrictions on the dividend distribution rates as well asrestrictions on the risk the company can undertake. The objective is tomaximize the expected present value of the total dividend distributions. Weoutline the corresponding Hamilton-Jacobi-Bellman equation, compute explicitlythe optimal return function and determine the optimal policy. As a consequenceof these results, the way the dividend rate and business constraints affect theoptimal policy is revealed. In particular, we show that under certainrelationships between the constraints and the exogenous parameters of therandom processes that govern the returns, some business activities might beredundant, that is, under the optimal policy they will never be used in anyscenario.

Interplay between dividend rate and business constraints for a financial corporation