Which of the Following Would Be a Reason for a Company

Which of the following would be a reason for a company to restrict its cash dividends or treasury stock purchases?

A) Because the company needs treasury stock to offer as performance incentives to upper management
B) In order to give shareholders stock dividends
C) Due to the desire of shareholders to retain the company's earnings for future growth and capital expenditures
D) Due to requirements of lenders or creditors that companies maintain enough equity to meet their obligations