I'm not sure that's true, there are plenty of "value" firms who invest based on dividends not growth. Maybe there's a skew but there's an underlying rationalit

I'm not sure that's true, there are plenty of "value" firms who invest based on dividends not growth. Maybe there's a skew but there's an underlying rationality to investors where ultimately you add up the money a company can pay out in dividends etc and work out what they're worth. I'm far from an expert on this but there's even pressure in the opposite direction - for big companies, investors value a regular, predictable dividend, and can be wary of CEOs or directors with significant holdings who want to take risks and "empire build".