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Which of the following statements is wrong? Managers are at the mercy of debt, not equity holders Using debt, instead of equity, to raise capital

Which of the following statements is wrong?

Managers are at the mercy of debt, not equity holders

Using debt, instead of equity, to raise capital can help to maintain a high concentration of ownership.

Using debt, instead of equity, to raise capital would lead to a low level in free cash flow, which motivates the manager to run the firm as efficiently as possible.

Managers act on their own interest, instead of the shareholders' interest.

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