A group of shareholders with a preference regarding how much a company will pay out in dividends, often for tax reasons. Dividend clientele usually make decisions regarding distributions based on which is most advantageous to them. Clientele groups are often dictated by age as well as income level. Older or retired investors tend to prefer higher dividend income than younger shareholders, who may prefer that the company use free cash flows to fund growth rather that distribute dividends. Ultimately, dividend clienteles tend to be growth-versus-income parties. The effects of dividend clientele on a company's stock price are somewhat controversial.