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Answer (A) is correct . According to the residual theory of dividends, the amount (residual) of earnings paid as dividends depends on the available investment opportunities and the debt-equity ratio at which cost of capital is minimized. The rational investor should prefer reinvestment of retained earnings when the return exceeds what the investor could earn on investments of equal risk. However, the firm may prefer to pay dividends when investment opportunities are poor and the use of internal equity financing would move the firm away from its ideal capital structure.

Answer (B) is incorrect because A residual theory assumes that investors want the company to reinvest earnings in worthwhile projects, not pay dividends.
Answer (C) is incorrect because Dividend payments will not be consistent under a residual theory. The corporation will pay dividends only when internal investment options are unacceptable.
Answer (D) is incorrect because Dividends would not be important to a financing decision under the residual theory.