If a company has attracted a "clientele" of shareholders who like receiving dividends and who were attracted to the firm because it does pay out most of its earnings in dividends:

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If a company has attracted a clientele of shareholders who like receiving dividends and were attracted to the firm because it pays out most of its earnings in dividends, it would be wise for the company to avoid changing its dividend practices. This is because changing dividend practices can lead to shareholder dissatisfaction and potentially lead to a loss of these shareholders. It is better for the company to continue to pay out dividends and maintain a stable shareholder base.

If a Company Has Attracted a "Clientele" of Shareholders Who