Which one of the following is an argument that dividend policy is irrelevant?

Question

Quizplus · Accepted Answer

The argument that current equilibrium in the clientele dividend market suggests that dividend policy is irrelevant is based on the idea that investors self-select based on their preference for either high or low dividend stocks. Therefore, a company's dividend policy will not affect its stock price because it already attracts the appropriate investors.

Which One of the Following Is an Argument That Dividend