According to the Pecking Order Theory of Capital Structure,why Do

According to the pecking order theory of capital structure,why do firms avoid issuing equity?

A) Because fees associated with issuing new equity are so high
B) Because they want to avoid dilution of earnings per share
C) Because they don't want to commit to paying dividends on the new equity
D) Because equity issuance signals that managers believe their stock is overvalued,which causes the price of the stock to fall