The shareholders don't need dividends, stock appreciation should provide the invesrment return we are looking for.

Any Healthy compamy should reward its investors with Dividends look at GE or Honeywell etc. dividends is a must if the company is not planning to expand internally or acquire new businesses. It is a bad business plan or model not to pay any dividends, shareholders should enjoy the double whammy like a double edge sword they should enjoy the appreciation in share price which comes from the public that views this company as a going concern perpetual company, and from dividends which comes from the BOD or inside for rewarding these investors/shareholders for sticking around and for believing in the company and its business model or plan.

When you put your money in a CD to earn interest that is the true (ROI) dividends is measuresd and figured the same way, your dividends are your true ROI

JMHO