Which one of the following statements is TRUE?

a. An agency problem occurs when an owner/manager sells stock to an outside investor and the owner/manager fears the outside investor will consume too many perquisites.

b. An agency conflict between inside owners/managers and outside owners occurs when the outside owners sell their shares to someone else.

c. A manager/shareholder agency conflict arises when the manager's actions aren't in the company's best interest.

d. A quarter-end bonus is an example of a nonpecuniary benefit.

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