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Which of the following events is NOT likely to encourage a firm to increase its dividend payment? A. An activist investor concerned about wasteful spending

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Which of the following events is NOT likely to encourage a firm to increase its dividend payment? A. An activist investor concerned about wasteful spending is elected to the board of directors. B. A successful new product launch has resulted in a permanent increase in the firm's profitability. O C. The firm's shareholders are now all tax-exempt organizations. D. The firm's capital budget for the next three years will be exceptionally high. E. The corporate tax rate decreases

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