A quibble
If a particular company is not likely to grow rapidly and find high-return uses for all that capital, then a dollar stuck inside the company is worth less than a dollar in the hands of shareholders who could invest it elsewhere. So companies that don't pay dividends, hoard lots of cash, and don't do a good job investing that cash on behalf of shareholders, are probably going to be subjected to a discount by the market in valuing that cash hoard on their balance sheet. So paying dividends is not necessarily going to result in a dollar-for-dollar reduction in a company's share value - it really depends on the company.
Biting the hand that feeds IT
