Which of the following statements is FALSE? Select one: O a. Because hostile takeovers and internal governance systems are substitute mechanisms, researchers have found that boards are more likely to fire managers for poor performance during active takeover markets than they are during lulls in takeover activity O b. An active takeover market is part of the system through which the threat of dismissal is maintained. c. When internal governance systems such as ownership, compensation, board oversight, and shareholder activism fail, poorly performing managers cannot be removed. O d. The effectiveness of the corporate governance structure of a firm depends on how well protected its managers are from removal in a hostile takeover