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JWR1945a, thanks very much for your reply, and additional information. I apologize for the terrible editing in my initial post, that caused it to be difficult to make out the real major question I had for you, which I think then went unremarked on:

"...what are the actual drivers in the boardroom or in corporate thinking that will in your mind continue to make seeking dividends a winning strategy?"

In other words, analyzing not so much from the investor (results) side, do you have a view as to what will keep companies themselves (decision) side using dividends instead of moving away from them?
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