Factors Influencing Dividend Decisions

XYZ Corporation is evaluating its dividend policy as it plans for future growth and capital expenditures. The company has a stable cash flow and a history of paying dividends. However, the management is cautious about increasing dividends due to significant upcoming investment opportunities in expanding their operations. Additionally, they need to maintain a debt-to-equity ratio that appeals to potential investors while ensuring financial flexibility.

Which of the following factors is likely to most significantly influence XYZ Corporation's decision regarding dividend payments?