Which one of the following statements is TRUE?
A. Management is said to be entrenched when senior managers are unlikely to be fired.
B. A company's matching contribution to a retirement plan is a nonpecuniary benefit.
C. Company sponsorship of a local charity is an example of a nonpecuniary benefit.
D. A manager/shareholder agency conflict arises when shareholders sell their stock even though management says the stock is undervalued.
E. A manager/shareholder agency conflict arises when the board of directors pays a larger dividend than the firm's earnings could support.
Answer: A
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