Why are Stockholders of a company more reluctant to finance expansion through issuing more equity?

Stockholders may be reluctant to finance expansion through issuing more equity because it can dilute their ownership percentage and voting power in the company. Additionally, issuing new equity might signal to the market that the company is struggling to generate sufficient internal funds, potentially leading to a decline in stock prices. Lastly, existing shareholders may prefer that profits be reinvested or returned as dividends rather than being used for expansion funded by new equity.