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Under the residual dividend theory it is assumed that the profits of the company should be distributed as dividends only if that is the best use of the money. If the company has an investment opportunity that is better than what the shareholders are able to earn, the money should be reinvested and not paid as dividends. When there are no options that provide a higher return than the shareholders earn, the company should pay dividends and let the shareholders make the best investment available to them.
Under the residual dividend policy, the amount distributed as dividends will not be constant over time. The amount distributed depends on the earnings of the company and the investment opportunities that are available to the company.
Under the residual dividend policy it is the other way around. Any money that is left over after all favorable investments are made should be distributed as dividends.
Under residual dividend theory, dividends are not a financing decision.