Which of the following is not a dividend policy?

A)

Stockholders want dividends and they want them to be consistent.

B)

Stockholders prefer the delay of the payment of dividends if there is a corresponding increase in capital gains.

C)

Stockholders of small firms favor a dividend policy of retention.

D)

Stockholders who prefer a high dividend payout are unwilling to pay extra for the stock of companies that provide a higher yield mostly because they are living on a fixed income.