Life Cycle Growth and Dividend policy Dividend policy is reflected in 4 stages Stage I-Development no cash dividends Stage Ii-Growth stock dividends low cash dividends Stage Iii-E× pansion stock dividends low to moderate cash dividends stock plits Stage IV-Maturity moderate to high cash dividendsLife Cycle Growth and Dividend Policy Dividend policy is reflected in 4 stages: Stage I - Development no cash dividends Stage II - Growth stock dividends, low cash dividends Stage III - Expansion stock dividends, low to moderate cash dividends, stock splits Stage IV - Maturity moderate to high cash dividends