Company M is a mature company in a mature industry. Its annual net income and cash flows are consistently high and stable. However, M's growth prospects are quite limited, so its capital budget is small relative to its net income. Company N is a relatively new company in a new and growing industry. Its markets and products have not stabilized, so its net income and cash flows fluctuate considerably. However, N has substantial growth opportunities and its capital budget is expected to be large relative to its net income for the foreseeable future. Which of the following statements is CORRECT? If the corporate tax rate increases, then the debt ratio of both companies is likely to decline. Company M probably has a lower target dividend payout ratio than Company N. Company N is likely to have a clientele of shareholders who want a consistent steady dividend income. Company N is the more likely of the two companies to pursue a low-regular-dividend-plus-extras dividend policy