The reverse is a probable case. If Exxon didn't deliver dividends and investors don't believe the company will grow, then they'd pay even less for shares. A l

The reverse is a probable case. If Exxon didn't deliver dividends and investors don't believe the company will grow, then they'd pay even less for shares. A large part of a mature's company's worth is tied to interest rates. People pile into a dividend payer because it's better than holding cash - heck they borrow cash to buy the dividend payer. So actually Exxon could be just as vulnerable to a share price fall as Apple. Lastly, what happens if Exxon holds cash and grows a stockpile? If it's not earning money, the cash just makes a share more expensive, but the dividend as a percentage decreased. Well, the closer that percentage gets to interest rates, the less attractive the stock gets to those type of investors.