Which of the following situations best characterizes the agency costs associated with diverse ownership?

Which of the following situations best characterizes the agency costs associated with diverse ownership?
a. managers have incentives to substitute low risk projects for high risk projects
b. managers have incentives to reduce the dividend payout ratio in order to accelerate debt repayment
c. Managers that own shares of the firm they manage have incentives to consume perquisites
d. all of the above
e. none of the above
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