$12.$Bob is a shareholder in Alpha Corp. Which of the following is likely to induce him to prefer a low dividend policy?

a$.$Bob is retired and relies on income from his investmentsb.$$Bob believes that managers, if left unchecked, have a tendency to overinvestc.$$Bob is risk averse and believes that capital gains are riskier than dividendsd.$$Bob believes that Alpha Corp. is a mature business with few growth opportunitiese.$$Bob$\text{'}$s dividend tax rate is higher than the capital gains tax rate