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Which of the following statement is FALSE? Select one: O a While overspending on personal perks may be a problem for large firms, these costs are likely to be small relative to the overall value of the firm. O b. Some financial economists explain a manager's willingness to engage in negative-NPV investments as empire building. c. When a firm is highly levered, creditors themselves will closely monitor the actions of managers, providing an additional layer of management oversight. O d. One advantage of using leverage is that it does allow the original owners of the firm to maintain their equity stake. Oe. Managers of large firms tend to earn higher salaries, and they may also have more prestige and garner greater publicity than managers of small firms. As a result, managers may expand (or fail to shut down) unprofitable divisions, pay too much for acquisitions, make unnecessary capital expenditures, or hire unnecessary employees. Of. Leverage can reduce the degree of managerial entrenchment because managers are more likely to be fired when a firm faces financial distress O g. According to the empire building hypothesis, leverage increases firm value because it commits the firm to making future interest payments, thereby reducing excess cash flows and wasteful investment by managers