For each of the companies described here, would you expect it to have a low, medium, or high dividend-payout ratio? Explain why.
a. A company with a large proportion of inside ownership, all of whom are high-income individuals
b. A growth company with an abundance of good investment opportunities
c. A company that has high liquidity and much unused borrowing capacity and is experiencing ordinary growth
d. A dividend-paying company that experiences an unexpected drop in earnings from an upward-sloping trend line
e. A company with volatile earnings and high business risk