Do you plan on holding your shares after you're dead?
I'm going to be playing with my 76 Virgins so I might be distracted but some will. ProfessorMD indicated he wanted his INTC position to benefit his children and grandchildren. He may not ever sell. If so, he won't benefit from share price appreciation during his lifetime. Dividends would benefit him directly. For me, a dollar in share appreciation isn't as valuable as a dollar of dividend payout. The tax rate is lower for the dividend and it's in my pocket. I'd have to sell my INTC position to enjoy share price increases. Is the BOD working for holders or speculators?