A company may continue to operate under significant headwinds which may be made worse by a high level of financial leverage. The effects of financial distress and the risk and likelihood of bankruptcy may result in significant indirect costs for the company. Which of the following is less likely to reflect an indirect cost when a company operates under the threat of insolvency or bankruptcy? a. The management focus on avoiding financial distress means a loss of focus on core business operations Ob. The company will increase its investment in net working capital Oc. Customers leave due to concerns about product quality and the validity of product warranties and/or reliability of supply O d. Key employees become either demoralised or leave to find employment at other firms O e. Companies reduce research and development, advertising and maintenance which affects longer- term performance