Which One of the Following Statements Describes the Finding from Academic

Which one of the following statements describes the finding from academic studies on corporate dividend policy?

A) Managers tend to increase regular cash dividends in response to unexpectedly high earnings.
B) Managers tend to maintain a level dividend payment at an amount that they are relatively certain they can maintain in the future.
C) Managers tend to focus on dividends rather than stock repurchases because institutional investors tend to prefer regular dividends.
D) Dividend policy doesn't matter because investors can re-create dividends by selling a fraction of their shares.