Which of the following statements is false:

A$)$: Debt financing affects the business risk of the firm.

B$)$: Financial leverage describes debt financing's amplification of the effects of changes in operating income on the returns to stockholders.

C$)$: Financial risk is the risk to shareholders that results from debt financing.

D$)$: MM$\text{'}$s proposition I, or the debt$-$irrelevance proposition, states that the value of a firm is unaffected by its capital structure.