Therefore, the management of a company is not justified in giving up profitable investments to meet the potential demands of investors in order to increase dividends. Indeed, if the dividends influence the stock price will probably be because investors want to minimize or defer taxes and minimize agency costs. For if the expectations theory holds, will allow the company policy to avoid surprise to shareholders when there is a decision on dividends (Bernheim and Wantz 1995, p. 532). Similarly, the dividend policy can be treated as a residual long-term after management considers the needs of long-term investment. This, in turn, would establish a rate of benefit-sharing “framework” on which to stick.
There are theories that tell us that the dividends will not influence the stock price, especially because the market does not discount any information and action because buyers do not seek profit through dividends but through action resold in the secondary market (marginalist theory) (Gustavo 2002, p. 387). The dividend policy is irrelevant because it has no effect on shareholder wealth in a world without taxes, asymmetric information or agency costs and transaction costs. The value of the firm depends only on the distribution of future cash flows from investment projects. The key argument of Modigliani and Miller is that investment decisions are completely independent of dividend policy. The firm can pay dividends at any level you want without affecting investment decisions (Gustavo 2002, p. 389).
因此，一个公司的管理不放弃有利可图的投资以满足投资者为了增加股息的潜在需求的理由。事实上，如果股息的股票价格的影响可能是因为投资者想减少或推迟纳税，减少代理成本。如果期望理论认为，将使公司的政策来避免意外的股东在分红决策（Bernheim和万茨1995，p. 532）。同样，股利政策可以被视为一个长期后残留管理考虑长期投资的需要。这，反过来，将建立一个收益率共享“框架”，坚持。
有理论指出，告诉我们，股息不会影响股票价格，特别是因为市场不打折信息和行动，因为买家不通过分红，但通过行动将在二级市场寻求利润（边际理论）（古斯塔沃2002，387页）。股利政策无关，因为它对世界的股东财富没有效果而不纳税，信息不对称和代理成本和交易成本。公司的价值只取决于投资项目的未来现金流量的分布。莫迪利亚尼和Miller的主要论点是，投资决策是完全独立的股利政策。公司可以在任何你想不影响投资决定支付股利（古斯塔沃2002，389页）。
