Factors driving a low dividend payout include: Select one: a. Stockholders in upper income brackets might prefer lower dividend payments (which required immediate payment of taxes), in favor of higher capital gains. b. Low payouts can decrease the amount of capital that needs to be raised, thereby lowering flotation costs. c. Bond indentures often contain a provision that limits the level of dividend payments. d. All of the above are factors which may drive low payouts. e. None of the above are factors which may drive low payouts