Which of the following statements accurately describes the implications of agency costs for corporate policies? O (a) Higher levels of payout may reduce the cash that is available to be wasted by management. O (b) Lower levels of payout may increase the need for the company to raise capital externally - which provides an opportunity for shareholders to monitor management behavior cheaply. O (c) Lower levels of debt may mitigate the free cash flow concerns shareholders generally have especially for cash cow firms. (d) More than one of the other statements are correct. (e) None of the other statements are correct