Factors Affecting Dividends at XYZ Corp

A publicly traded company, XYZ Corp, is analyzing its dividend policy in light of its current financial health and future investment opportunities. The management is considering several factors that could influence its decision to maintain, increase, or decrease dividends. One of the key factors under consideration is the company’s cash flow position relative to its investment needs. Given these circumstances, which of the following factors is most likely to affect XYZ Corp's decision regarding its dividend payments?