Possible Spill Thread, page-88

Most high growth companies have moved away from dividends, it can be more efficient to deliver share price appreciation from business growth investment or share buy backs. Share buy backs are controversial and can encourage management to inappropriately use share based incentives which can disadvantage ordinary holders.

In short however I agree, shareholders are likely to see most benefit from SP rising. Dividends should only be needed/used to cut through inappropriately low enterprise valuation or to attract attention to what might be an unexcitung sector/business.