Is paying dividends important?

There are some publicly listed companies paying their shareholders dividends every quarter, and there are some publicly listed companies which have not paid their shareholders a single penny. Not all companies are able to pay dividends, especially some companies are not fully mature yet, for example, Tesla. However, some companies have the capacity but have not done so yet. Many tech companies, including Apple, Alphabet, Amazon, Facebook and Netflix, are not paying their investors any dividends, and even those who are generating enormous cash inflows are not paying dividends either. It seems there is a tradition of not paying dividends for the tech industry and I think this is very reasonable. Tech companies require continuous investment in technology development to keep themselves always competitive in the industry. But this not paying dividend attitude does not only occur in the tech industry, there are a significant number of companies which are making profits but not paying dividends in other sectors. Some investors accept the idea of giving more cash to the companies for greater values in the future. For example, Warren Buffett's Berkshire Hathaway does not pay dividends for its investors and its investors believe that Warren Buffett can manage the cash much better and help them gain more capital returns in the future. Nowadays I think that the majority of stock investors generate their profits from stock price changes rather than receiving dividends. To many investors, in the stock market, the risk that they are bearing is too high to be compensated by just 1% to 2% dividend yields, they are looking for much greater returns. Under such circumstance, it is pointless for them to focus on the dividend yield, what they care is the market value. The market value is subjective and dividend yield can be one element among many about how we judge a company’s market value. Overall, if a company is very exciting (lots of news regarding the company's future trend), then the share price is already volatile enough to distract investors from judging the market value based on its current dividend yield; otherwise, dividend yield can be one of the important factors when valuing the company.