In the theoretical world of Miller and Modigliani, what role does dividend policy play in the determination

Question:

In the theoretical world of Miller and Modigliani, what role does policy play in the determination of share values?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...