Which of the following factors can significantly impact a company's dividend policy?

The factors that significantly impact a company's dividend policy include profitability, cash flow, and investment opportunities, making this the correct choice.

Profitability is crucial because a company must generate sufficient earnings to distribute dividends. If a firm is profitable, it has a more substantial capacity to pay dividends, providing a reliable return for shareholders. Conversely, if the company is not making profits, it may need to reduce or eliminate dividends to conserve cash.

Cash flow is equally important, as it reflects the actual liquidity available to a company. A business might show adequate profits on paper, but without sufficient cash flow, it may struggle to pay dividends. Companies need to ensure they have enough cash on hand to meet dividend obligations while also funding other critical expenses.

Investment opportunities also play a vital role in determining a company’s dividend policy. If a firm identifies lucrative investment opportunities that promise higher returns, it may choose to reinvest earnings back into the business rather than distributing them as dividends. This is often the case for growth-oriented companies that prioritize expansion over immediate shareholder payouts.

The other factors listed, while they may influence a company's operations or market perception, do not directly impact the fundamental decision-making regarding dividend payouts.