The fact that transaction costs incurred in raising external capital can be significant is a justification for

Group of answer choices

(a) A small firm to maintain zero dividend policy.

(b) A firm to maintain a constant dividend policy even if it has to frequently issue new shares of stock to do so.

(c) Maintaining a constant dividend policy even when profits decline significantly.

(d) Maintaining a high dividend policy.

(e) Maintaining a zero cash account by continuously taking real investment opportunities.