A Firm That Follows a Cyclical Dividend Policy Will ___________

A firm that follows a cyclical dividend policy will ___________ .

A) Establish and attempt to maintain a stable dividend payment.
B) Pay dividends on a residual basis.
C) Establish and attempt to maintain a target debt/equity ratio.
D) Make more special dividend payments than firms that follow a stable dividend payout.
E) Pay dividends that vary according to income.