In a POT world $($Pecking Order Theory$),$ firms are very unlikely to have a low Pay$-$out ratio because

A$)$ POT firms tend to be highly profitable so can afford to distribute a lot

B$)$ The POT approach puts a lot of emphasis on high dividends as signal of sustainable financial health

C$)$ They can easily rely on debt issuance to fund their dividends as debt is always viewed positively in this world

D$)$ None of the above