Select the correct statements describing the framework for analyzing dividend policy:

Group of answer choices

A. If the firm pays out too little dividends and it has history of good project choice and good projects in future, then give managers the flexibility to keep cash and set dividends

B. If the firm pays out too little dividends and it has history of poor project choice, then force managers to justify holding cash or return cash to stockholders

C. If the firm pays out too much dividends and the firm has poor projects, it should deal with its investment problem first and then cut dividends

D. If the firm pays out too much dividends and the firm has good projects, it should keep the same dividend level and reinvest less