Essay --

IntroductionApart we know, dividend payments had been conducted over 300 years past and yet, it is still continue acceptable until now (Frankfurter, Wood, & Wansley, 2003). In the 19th century, the dividend had get under ones skin a kind of symbolic liquidations. However, dividend policy is contradicting because the view of each researcher is distinguishable. According to Black (1976), he ever stated that the harder we look at the dividend picture, the more it seems like a puzzle, with pieces that just dont move 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 apocryphal among financial field. Plenty of answer show that why dividend policy should be made. However, many empirical studies substantiate 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 undenia ble that the dividend payments have become symbolic liquidations solely determined by the directors. The companies pay dividends i...