As a shareholder, you don't want a dividend IF the company can invest that money at a higher rate of return than you can. Berkshire Hathaway is the textbook example of this: they have not paid a dividend in 40 years, but the book value has grown by about 20% every year (averaged out).
I would not say that Google and Microsoft necessarily grow suboptimally because they have a lot of cash sitting around. The current opportunities may not be worth investing in. Berkshire has tons of cash, waiting for a good opportunity. And when it comes, cash gets poured into it.
I think thats only true if you have a lot of faith in the company. If you were guaranteed greater return on reinvest, of course that would be better. But all you're getting is less (or no) money now and the promise for more money later. If this isn't something your emotionally attached to, it sounds like you're just getting screwed.
I would not say that Google and Microsoft necessarily grow suboptimally because they have a lot of cash sitting around. The current opportunities may not be worth investing in. Berkshire has tons of cash, waiting for a good opportunity. And when it comes, cash gets poured into it.