Implications of Dividend Irrelevance Theory

Consider a publicly traded company that has been consistently paying dividends for the past several years. Recently, the management is considering altering its dividend policy due to changes in the company's capital expenditure plans and cash flow forecasts. According to the Dividend Irrelevance Theory proposed by Franco Modigliani and Merton Miller, the value of the firm is unaffected by its dividend policy when certain assumptions hold, notably the absence of taxes and transaction costs.

Given the assumptions of the Dividend Irrelevance Theory, which of the following statements best reflects the theory's implications for the company's decision regarding dividends?