Imagine you are analyzing a mid-sized company, XYZ Corp., that has established a consistent history of paying dividends to its shareholders. Recently, XYZ Corp. announced that it would be reducing its dividend payout ratio due to anticipated capital requirements for a new expansion project. This change has set off discussions among investors regarding the potential impacts on the company's stock price and overall stability.

Which of the following factors most likely influenced the decision to reduce the dividend payout ratio?