CEVAP:

As a counterpart to Modigliani and Miller’s (1961) dividend irrelevance theorem, Myron Gordon (1963) and John Lintner (1962) proposed their arguments for dividends. In particular, they argued that investors are more certain of receiving dividend payments than receiving capital gains resulting from retained earnings that are called the bird-in-the-hand dividend theory. In another words, investors value a dollar of expected dividends more highly than a dollar of expected capital gains as the risk associated with capital gains is higher than that with dividends. Therefore, when a company decides to distribute more dividends, the required rate of return on equity decreases.