Kowerski, Mieczysław; Haniewska, Laura - In: Financial internet quarterly 18 (2022) 4, pp. 77-88
In 1961, Miller and Modigliani (M-M) published a dividend irrelevance theory, which shows that the payment of dividends does not make any changes to the value of the company. The assumption about the existence of the perfect market made by M-M became the basis for a common criticism of the...