Which of the following affect the earnings per share, either negatively or positively? I. decrease in interest expense II. share repurchase III. increase in tax rates IV. dividends I and II only I, II, III and IV III and IV only I, II and III only II and IV only Question 12 What is the most important factor when firms decide if they should pay dividends? If they have consistent, high level of free cash flows. The level of debts to asset ratio. The maturity of the company. The price of the company's stock