GMAT Sentence Correction (SC) | Re: Despite recent increases in sales and cash flow that have

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 --- Xs expect Ys to set Ms ... than they were --> they can refer back to Ms or Ys. Pronoun ambiguity exist.
b)to set dividends more conservatively than they have been -- similar error -- they is
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