(9) " The inky, between ANidend decisions and Shadegie management nO company Can be explained only whan we undersdand that ‘monty is whe exentiol past of & business. All business gtast with meney and the closing past of the game ig alto mandy. Withat whith St ts fmpassible fo eidhos wn on evisting business ox 40 Stat onohes Projed- Dividend decisions hane a divect ‘aftuence oo the Strdegtc Performance of he comm han is Divider are Sum of Money Paid +o he companys tharcholdeys ovt of 48 profits. Since dividends oro aiehibed evt af Proffitt, decisions taken on retained eamingt have an impact Or the amount that has to be distcibuled, A dim wath adeguate fnvestmen 4s will wetain I earnings do fond Fell. Howe wos, if thaw oe no Fovestmend, the firm will ia TK entire eating Dn both caser, the dividend decisionag has fo be taken Considering the impack haf it will have on the Sharcholdexs setusn and the capil ons.