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This year, American Generation Ecology plans to continue paying the same dividend that has been paid the past 20 years, $1.50 per share, long into the future. The firm has 400,000 shares of stock outstanding. If net income is expected to be $800,000, what should be AGE's dividend payout ratio this year? Question 4 Firms are reluctant to decrease dividend amount because it is a bad earnings signal to the investors. Why are firms also reluctant to increase dividends? Question 5: True or False? If False, why? (a) According to the free cash flow hypothesis that has been proposed to explain investors' reactions to dividend policy changes, a firm should never distribute its free cash flows, because these funds represent money the firm is free to invest as it pleases (b) Dividend irrelevance theory asserts that there exists no optimal dividend policy