hich of the following statements is wrong? Conflicts exist between managers and stockholders and between stockholders (represented by managers) and debtholders Managers' personal goals may compete with shareholder wealth maximization A strong board of directors is good for shareholders. Therefore, it is desirable to elect those who are friends with the managers because they tend to have a greater influence on the managers Firms must provide the right incentives if they are to get managers to focus on long-term value maximization