Question 5 (this question has two parts a) and b)) (2+3+3 = 8 marks) Part a) When an investor's marginal tax rate is greater than corporate tax rate, then which of the two options will apply for him/her: Option A: Pay some tax on the dividend Option B: have excess tax credits. Explain your answer. Part b The following table shows firms from different industries in the Australian stock market. Company Name Industry Life-cycle stage Earnings Growth Dividend Water Ltd Utility Mature Stable Pays constant Dividend Energy Ltd Utility Mature Stable Does not pay dividend Gas Ltd Utility Mature Stable Repurchases share Tech Ltd Technology Growth Unstable Does not pay dividend  Given the above information, which firm(s) do you expect to pay dividends and why? Explain your answer.  According to you, which firm(s) could have agency conflicts between managers and shareholders? Explain your answer. How can the manager of the firm reduce this agency conflicts?