Dividend Assignment 3) IDENTIFY THE THEORY BEHIND THE DIVIDEND POLICY BEING USED BY EACH OF THE FOLLOWING FIRMS. AND BRIEFLY EXPLAIN YOUR ANSWERS. (ONE OR 2 SENTENCES PER FIRM.) Firm C is a North American cigarette manufacturing company. It makes high profits, but knows that the future for its products and profits is limited. It knows it will not be able to expand its business or need to build any new factories. For the past several years it has had the following payout policy: Pay a cash dividend of $2/share every year and every third year pay a "special" dividend equal to the total amount of the earnings it has retained over the past 3 years divided by the number of shares outstanding. What dividend policy is it following