That's not true. A company doesn't manage to sell its shares because of dividends. Dividends may be used to estimate value base on the expectation of returns, b

That's not true. A company doesn't manage to sell its shares because of dividends. Dividends may be used to estimate value base on the expectation of returns, but if dividends were relevant or even dictated the share price then stocks of companies that posted negative results would be worth zero. Which they don't.