Critically discuss the following questions: a. Critically discuss the following graph in the context of capital structure: b. Miller & Modigliani (1961) suggest that the firm's value does not depend on the firm's payout policy. Explain and critically discuss this statement by providing numerical examples. c. According to the academic literature, about 94% of companies try to avoid reducing their dividends. Critically discuss the potential reasons for this. d. Academic literature suggests that dividend policy may be irrelevant to firms' valuation. Does it also mean companies should stop paying dividends?.