Which of the following is NOT an example of an agency cost?

Time left $1$:$24$:$21$

Select one:

a$.$ The management team recommend a merger to their board because it will result in higher salaries

b$.$ The CEO decides not to proceed with an investment because his job will be at risk if it fails

c$.$ The management bring forward revenue into the current year to meet performance hurdles

d$.$ All of the options represent agency costs

e$.$ The management team's compensation package is directly linked to the performance of the share price