A company's dividend policy refers to the manner in which a firm distributes its earnings to shareholders. Firms can pay out cash in one of two ways: a dividend or a share repurchase. Before 1983 , stock repurchases were fairly rare, but today they are common. When a firm decides to pay a dividend, it usually follows the following process. Several critical dates play a role in the dividend payment procedure. In the following table, identify the critical dividend dates. Continue without saving