Essay --

Introduction Apart we know, dividend payments had been conducted over 300 years ago and yet, it is still continue acceptable until now (Frankfurter, Wood, & Wansley, 2003). In the 19th century, the dividend had become a kind of symbolic liquidations. However, dividend policy is contradicting because the view of each researcher is different. According to Black (1976), he ever stated that â€Å"the harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just don’t 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 standardized and yet, it is different as each of the researchers has their own opinion on it. But, it is undeniable that the div idend payments have become symbolic liquidations solely determined by the directors. The companies pay dividends i...