The size of dividends paid to stockholders is directly related to

Profitability

Explanation:

Dividend is part of corporate profit that is distributed to shareholders. They are distributed in cash to shareholders. Thus, the higher the profitability of companies, ie, the higher the profit earned, the greater the dividends distributed to shareholders.

capital gains (selling price-buying price) + current income (dividends)

the claims of other investors, such as lenders