Question 2 "In spite of the theoretical argument that dividend policy is irrelevant or that firms should not pay dividends, many investors like high dividends and because of this fact, a firm can boost its share price by having a higher dividend payout ratio" (Westerfield and Jordan, 2013). Instructions: Critically assess the above statement, making sure to address the following: (1) Define dividend policy. (ii) Illustrate the theoretical argument presented on dividend policy irrelevance. (iii) Provide real-world scenarios where dividend policy is relevant. (iv) Use the clientele effect to support or challenge the argument made in the statement above. (25 marks)