The result that dividend policy is irrelevant can be critiqued if we consider

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All of the above factors can be critiques to the result that dividend policy is irrelevant. Differential tax rates between dividends and capital gains can affect the amount shareholders receive after taxes, certain shareholders may have a preference for dividends over capital gains, and shareholders may not have the ability to generate their own dividends. Therefore, these factors suggest that dividend policy may not be entirely irrelevant.

The Result That Dividend Policy Is Irrelevant Can Be Critiqued