>You just answered your own question. If you pay more dividends, more
>people buy the stock, more people buying your stock == higher stock
>value == growth

What you are talking about is stock price appreciation, which is not "growth".  
"Growth" is stuff like selling more products and increasing revenue.  Stock 
price appreciation can occur for a number of reasons, of which "growth" is but 
one.

Higher dividends may lead to stock price appreciation due to increased demand 
of that stock, and solely because of that reason.

>
>
>Why? And what is "short term" is 3 years too short?

Yes.  If 3 years is "long term", then what's 25 years?

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