Which one of the following actions by a financial manager creates an agency problem?

A.agreeing to pay bonuses based on the book value of the company stock

B.refusing to lower selling prices if doing so will reduce the net profits

C.increasing current costs in order to increase the market value of the stockholders' equity

D.refusing to borrow money when doing so will create losses for the firm

E.agreeing to expand the company at the expense of stockholders' value