Hi Tutor, could you help with the below question. Please elaborate your answer.

1. How is it possible that dividends are so important, but at the same time, dividend policy is irrelevant?

Note: Please use MM theories and then do include the explanation given below.

"Dividend policy deals with the timing of dividend payments, not the amounts ultimately paid. Dividend policy is irrelevant when the timing of dividend payments (now or later) doesn't affect the present value of all future dividends."