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This is complete nonsense. For example, Berkshire Hathaway plans to probably not issue dividends. https://www.investopedia.com/ask/answers/021615/why-doesnt-be

• spywaregorilla 5y ago
  > In particular, Buffett prefers to reinvest profits in the companies he controls in order to improve their efficiency, expand their reach, create new products and services, and improve existing ones. > In one of his famous letters to shareholders, Buffett said that perhaps Berkshire Hathaway might institute a dividend 10 or 20 years down the road. This was in 2018 when Buffett was 88. This article just reiterates exactly what I said. Berkshire can do better than just giving money back to shareholder by investing the money in itself. The reason shareholders are ok with this is because the growth fuels the potential for larger future dividends. Even if the company grows until the heat death of the universe, the logic behind increasing the valuation of the company is that the ability of a company to give dividends has theoretically increased. You don't need to bet on actually receiving them. But the stock has value because if the company stops growing, the company will pay out instead. If it were all about size, then a shrinking company would have negative value. This is obviously incorrect.