Which of the Following Tend to Keep Dividends Low

Which of the following tend to keep dividends low?
I.Potential for companies to use excess cash on negative NPV projects
II.Restrictive terms contained in bond indenture agreements
III.Manager's desire to maintain constant dividends over time
IV.Flotation costs

A) II and III only
B) I and IV only
C) II,III,and IV only
D) I,II,and III only
E) I,II,III,and IV