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The sustainable growth rate is influenced by the dividend payout ratio because it reflects how much of a company's earnings are retained for reinvestment rather than distributed to shareholders as dividends. When a company decreases its dividend payout ratio, it retains a larger portion of its earnings, which can be reinvested into the business for growth purposes, such as expanding operations, developing new products, or reducing debt.

The sustainable growth rate is typically calculated using the formula:

Sustainable Growth Rate = Return on Equity x (1 - Dividend Payout Ratio)

By decreasing the dividend payout ratio, the retention ratio (1 - Dividend Payout Ratio) increases, thereby enhancing the sustainable growth rate. This indicates that the company has more funds available for reinvestment, which can lead to accelerated growth in the long term.

Therefore, a decrease in the dividend payout ratio directly affects the sustainable growth rate, making it the most relevant factor in this context. The other choices, while they may be indirectly impacted, do not have the same direct and clear relationship to a change in the dividend payout ratio.