Accumulated profits represent one of the most important sources of financing for companies and dividends represent cash flows due to holders of shares. The decision on the distribution of dividends to the shareholders, although it seems very simple at first sight, affect both the investment decision, as well as the financing policy of the firm because it is a question of choose between dividend distribution and reinvesting a big part of profits, by the company in question.

The dividend policy of firms is influenced by rules, customs, beliefs, public opinion, general economic conditions and other factors who are in permanent change with a different impact on the companies. In these circumstances, it can not be mathematically and uniform modeled for all companies and for all the moments. Thus, the policy adopted by a company must be in accordance with the degree of shareholders satisfaction and with firm objectives.