Which one of the following actions by a financial manager is most likely to result in an agency problem?

Refusing to borrow money when doing so will create losses for the firm

Refusing to lower selling prices if doing so will reduce the net profits

Refusing to expand the company if doing so will lower the value of the equity

Agreeing to pay bonuses based on the market value of the company's stock rather than on its level of sales

Increasing short term profits when doing so decreases the value of the company's equity