Essay --

IntroductionApart we know, dividend catch up withments had been conducted over 300 old age ago and yet, it is slake continue acceptable until now (Frankfurter, Wood, & Wansley, 2003). In the nineteenth century, the dividend had become a kind of symbolic liquidations. However, dividend form _or_ system of government is contradicting because the view of individually researcher is different. According to Black (1976), he ever stated that the harder we smelling at the dividend picture, the more it seems like a puzzle, with pieces that just dont fit together. From this statement, we can truly make an assumption that the researchers arguments on it never stop as the understanding from each of the researchers is different and it is still questionable among financial field. Plenty of answer show that why dividend policy should be made. However, many empirical studies have shown that the result is not convertible and yet, it is different as each of the researchers has their own opinion on it. But, it is indisputable that the dividend payments have become symbolic liquidations solely determined by the directors. The companies pay dividends i...