Question: Assume that satisfied clienteles exist. Given this assumption, which one of these statements is incorrect? A firm historically pays out high dividends can cut dividends

Assume that satisfied clienteles exist. Given this assumption, which one of these statements is incorrect?
A firm historically pays out high dividends can cut dividends without affect its stock price.
All growth firms will adopt a low or no-dividend-payout policy since their investors don't care for dividends.
Dividend policy is important for its existing shareholders .
Dividend policy is irrelevant as long as each clientele group remains satisfied.
All firms should adopt dividend policies while taking into considerations of their investors' preferences.

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