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4. Explain dividend policy decisions based upon these dividend theories: M&M's Dividend Irrelevance Theory, Bird in the Hand Fallacy, Signaling Hypothesis, and the Clientele Effect.

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4. Explain dividend policy decisions based upon these dividend theories: M&M's Dividend Irrelevance Theory, Bird in the Hand Fallacy, Signaling Hypothesis, and the Clientele Effect. (10 pts) 5. Determine the necessary elements or steps of the strategic financial planning process. (10 pts)

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