Which of the following is not a correct statement about equity securities? O a Shareholders participate in the decision-making process Ob. Dividends are not a tax deductible expense for the issuer Oc Dividend payments are no legal obligations for a corporation unless they are declared Od Debt holders are the real owner of the firm because they have priority to claim unpaid payments in the firm goes bankrupt Oe. Common shares represent a residual claim overla firm's assets and cash flows