Which three of the following statements represents aspects of the real World that are most likely to contrast with Miller and Modigliani's theory?

Question

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Miller and Modigliani's theory, also known as the dividend irrelevance theory, suggests that in an ideal world with no taxes, no transaction costs, and perfect information, the dividend policy of a company is irrelevant to its value. However, in the real world, mature firms often have high payout rates due to their stable earnings (B), taxation affects dividend policy and capital structure decisions (C), and young, growing firms tend to reinvest earnings rather than pay high dividends to support growth (D), all of which contrast with the assumptions of Miller and Modigliani's theory.

Which Three of the Following Statements Represents Aspects of the Real