Which of the Following Is a Reason for a High-Dividend-Payout

Which of the following is a reason for a high-dividend-payout policy?

A) Dividends are generally taxed at a lower rate than capital gains.
B) All investors prefer high dividend payments over low dividend payments.
C) Cash payments today are preferred over uncertain payments in the future.
D) More cash is left in the company for investing in company projects.
E) High dividends tend to benefit companies in the long-term.