Modigliani and Miller argue that the dividend decision ............

(A) Is irrelevant as the value of the firm is based on the earning power of its assets

(B) Is relevant as the value of the firm is not based just on the earning power of its assets

(C) Is irrelevant as dividends represent cash leaving the firm to shareholders, who own the firm anyway

(D) Is relevant as cash outflow always influences other firm decisions