(a) Historically, a number of technology companies did not pay dividends because they believed it would send a signal to the market that they did not have any new exciting initiatives to drive further growth. However, after some stumbles on their growth at all cost' strategy, there are technology businesses that are looking to project themselves as more sustainable in terms of their bottom line. Given the above situation whereby the technology companies did not pay dividends due to the negative signaling, explain three theories which support that decision from the perspective of payout policy relevance. (6 marks)