Which one of the following statements is TRUE?

a$.$

Management is said to be entrenched when senior managers are unlikely to be fired.

b$.$

A manager$/$shareholder agency conflict arises when the board of directors pays a larger dividend than the firm's earnings could support.

c$.$

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

d$.$

A manager$/$shareholder agency conflict arises when shareholders sell their stock even though management says the stock is undervalued.

e$.$

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