In another sense, they're more willing to entrust the money back to the board of directors to decide on when and whether to pay dividends.

换句话说,他们更放心,把钱交给董事们管,让他们来决定什么时候或发不发股利

耶鲁公开课 - 金融市场课程节选

I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.

理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利

耶鲁公开课 - 金融市场课程节选

Well, the company--the board of directors-- decides if and when to pay dividends to the shareholders and then the law of the state would say that they must treat them all equally.

公司,董事会,会决定何时向股东支付股利,州法规定,股东利益均等

耶鲁公开课 - 金融市场课程节选