If high- dividend stocks offer a higher expected (and required) return than low- dividend stocks, due to

Question:

If high- offer a higher expected (and required) return than low- due to the higher personal taxes levied on the former, why don’t corporations simply reduce payments and thus lower their cost of capital?
Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...