I think i can make a compelling case that companies like Adobe and PayPal would benefit from implementing a dividend policy.
The problem with these companies has to do with uncertainty about the terminal value. Current underlying fundamentals look strong, but are those fundamentals resilient? And valuation is a question about long long term resiliency...
By switching to dividends, they would effectively shorten the duration for shareholders, and the weight applied to the terminal value would decrease.
I wrote a short article taking a closer look at this thought experiment.