Which one of the following statements is TRUE?

a$.$ Management is said to be entrenched when the senior managers are consuming excessive

perquisites

b$.$ A manager$/$shareholder agency conflict arises when shareholders sell their stock even though

management says the stock is undervalued.

C$.$ A manager not closing a factory that is losing money but which is in his hometown is an

example of a manager$-$shareholder conflict.

d$.$ A company's matching contribution to a retirement plan is a nonpecuniary benefit.

e$.$ Company sponsorship of a local charity is an example of a nonpecuniary benefit.