This article investigates whether companies with a higher payout ratio make fewer investments, to evaluate how firms make their decisions about corporate value creation. Furthermore, it examines how this yearning for dividends and the corresponding earning distribution affect the value creation for the shareholders in the long term. The findings show that companies with a higher level of dividends make fewer investments and deliver a lower return for shareholders. Higher levels of dividends generally imply a lower amount of resources to reinvest, negatively affecting long-term growth investing. Overall, the main insight is that the investor’s “greed” and appetite for short-term results (in forms of dividends), drove a lower performance and creation of value for the same shareholders. The companies more oriented to the long term, in terms of investments and growth, reached a superior value.

中文翻译：

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股东贪婪与企业价值增长

本文调查了具有较高支付率的公司是否会减少投资，以评估公司如何做出有关公司价值创造的决策。此外，它研究了这种对股息的渴望和相应的收益分配如何影响股东的长期价值创造。调查结果表明，股息水平较高的公司投资较少，为股东带来的回报较低。较高的股息水平通常意味着再投资的资源较少，对长期增长投资产生负面影响。总体而言，主要观点是投资者的“贪婪”和对短期结果（以股息的形式）的胃口，导致相同股东的业绩下降和创造价值。公司更注重长远，