Sentence Correction

Despite recent increases in sales and cash flow that have propelled automobile companies' common stocks to new highs, several industry analysts expect automakers, in order to conserve cash, to set dividends more conservatively than they were.

A) to set dividends more conservatively than they were
B) to set dividends more conservatively than they have been
C) to be more conservative than they have been in setting dividends
D) that they will be more conservative than they were in setting dividends
E) that they will be more conservative than they have been to set dividends

OA is C

Can you explain why the other choices are incorrect, in particular A and B

"Expect ... to" is the correct idiom. So, D & E are out.
A - "to set dividends more conservatively than they were...." is an incomplete sentence. Than they were (in the past), would have made this choice correct.
B - "to set dividends more conservatively than they have been...(in the past)". Same explanation as A.
C - This option very clearly conveys the meaning without any distortion.

I dont get why A & B are incorrect because of 'have been' and C isnt

"to be more conservative than they have been in setting dividends "

Actually I know A is wrong because of "were" ... but could please expand on why B is incorrect and C is correct ...

B is incorrect because "THEY " can refer to Dividends or Automakers..

C gets rid of this problem by bringing Dividends after the use of THEY...
which makes they to refer to Automakers...