Which of the following can impact a company's gearing ratio?

The gearing ratio, which measures the proportion of a company's debt to its equity, is directly influenced by changes in the levels of equity and borrowing. When a company increases its borrowing, the debt component of the gearing ratio rises, which can lead to higher gearing, indicating greater financial risk. Conversely, if a company issues more equity, the equity base increases, potentially lowering the gearing ratio. This dynamic illustrates how management decisions regarding financing, such as taking on loans or issuing shares, can have a significant impact on a company's financial structure and risk profile.

The other options do not directly affect the gearing ratio. Variations in wage expenses pertain to operational costs and impact profitability, rather than the structuring of capital. Inflation in product pricing can influence revenue and profitability but does not alter the debt or equity figures that determine the gearing ratio. Customer satisfaction ratings may affect sales and revenue but are not factors in the capital structure and thus have no bearing on the gearing calculation.