1. Does Taxes on capital gains are deferred until the capital gain is realized, but taxes on dividends are due in the year in which they are received favor a high or low payout ratio?

2. Does A firm has an established credit line for access to external sources of funding favor a high or low payout ratio?

3. Does Due to inflationary environment, a firm has to increase cash balances to meet the rising of accounts payable and other short-term liabilities favor a high or low payout ratio?