Factors Affecting Dividend Decision-Making

XYZ Corp is a mature company with consistent earnings and a steady cash flow. The management has historically paid dividends regularly but wants to maintain a balance between reinvesting profits for growth and returning capital to shareholders. Recently, the board of directors is debating whether to increase the dividend payout in the coming year due to an increase in retained earnings, which has significantly boosted the company's cash reserves. However, there are several factors they need to consider before making this decision.

Which of the following factors is likely to have the most significant impact on the board's decision regarding dividend payout?