The Fact That flOtation Costs Can Be Significant Is Justification

The fact that flotation costs can be significant is justification for:

A) A firm to issue larger dividends than their closest competitors.
B) A firm to maintain a constant dividend policy even if they frequently have to issue new shares of stock to do so.
C) Maintaining a constant dividend policy even when profits decline significantly.
D) Maintaining a high dividend policy.
E) Maintaining a low dividend policy and rarely issuing extra dividends.