What are (1) A regular dividend policy; (2) Constant payout ratio dividend policy; (3) Low-regular extra dividend

Question:

What are
(1) A regular policy;
(2) Constant payout ratio policy;
(3) Low-regular extra policy?
What are the effects of these policies?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...