Everything else equal, in which of the following situations will a firm generally have a high dividend-payout ratio?

The firm's bond indentures severely restrict the amount of earnings that can be distributed each year.

The firm's stockholders prefer capital gains rather than current income.

The firm's senior management wishes to limit the number of investors who own the company's stock.

The firm has excess cash after purchasing all acceptable independent capital budgeting projects.

The existence of the impairment of capital rule.