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In the Corporate Financial System, which of the following is correct? (A) Shareholders are the principals and outsiders; Managers are the agents and insiders (B)

In the Corporate Financial System, which of the following is correct?

(A) Shareholders are the principals and outsiders; Managers are the agents and insiders

(B) Managers are the principals and outsiders; Shareholders are the agents and insiders

(D) Both Managers and Shareholders are the principals and outsiders

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