Dividend Policy Is Relevant Because

Dividend policy is relevant because:

A) shareholders apply a lower discount rate to yield a lower valuation to funds retained in the business as opposed to paid out.
B) shareholders apply a lower discount rate to yield a higher valuation to funds retained in the business as opposed to paid out.
C) shareholders apply a higher discount rate to yield a higher valuation to funds retained in the business as opposed to paid out.
D) shareholders apply a higher discount rate to yield a lower valuation to funds retained in the business as opposed to paid out.