Abstract

This paper discusses the dividend policy and its effects on the relationship and dependency between managers and shareowners. By the way, starting from the classic economist’s view about the split of surplus between profits and interests, and from Hilferding’s view of dividends as a specific form of earning yield from property-capital, analyses some studies of finance economists about the importance of dividends policy. It concludes with a remark about The advantages yielded by the shareowners who own the majority of capital.