There are three main categories of dividend theories: dividend relevance theories, dividend irrelevance theories, and theories related to dividends and uncertainty. Dividend relevance theories argue that a firm's dividend policy affects its value, as proposed by Walter and Gordon in their respective models. Dividend irrelevance theories, proposed by Modigliani and Miller, state that dividend policy does not impact firm value under certain assumptions. Theories of dividends and uncertainty suggest that investors prefer dividends in the present over future dividends due to uncertainty.