This research project investigates the impact of dividend policy on shareholder value, focusing on Tesco PLC. The report begins with an introduction that outlines the research overview, background of the company, rationale, significance, aims, objectives, and research questions. It then reviews relevant literature on the impact of dividend policy on shareholder wealth and firm value, including associated theories. The methodology chapter discusses the research approach, including the use of a Research Onion framework. Data analysis is conducted using a thematic approach, with primary data collected through a questionnaire administered to shareholders and management. The questionnaire explores dividend satisfaction, policy changes, and the impact of dividend policy on wealth and the firm. The report also includes references to books, journals, and online resources. The overall aim is to identify the impact of changing dividend policies on the value of the firm, providing suggestions for Tesco PLC on how to manage their dividend policies effectively.