Question $11(1\mathrm{.}5$ points$)$

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Which of the followings is not correct?

a$)$ In agency theory, the owners of the business are principals and the managers are agents.

b$)$ A corporation is a legal entity that has the least potential to raise capital among the $3$ forms of business.

c$)$ The stock price most closely reflects the expected future cash flows of the company.

d$)$ Stock price maximization is more important than profit maximization.