The clientele effect for dividends states that

a. investors are generally indifferent as to the amount of dividends they receive.

b. investors generally prefer firms that pay no dividends because of the taxes associated with dividends.

c. investors generally prefer firms that pay high dividends because of the income they provide.

d. investors generally prefer firms that pay low dividends.

e. investors seek out firms that have a dividend policy consistent with their own desires.