Reincorporations in Other States or Countries Are a Means for Companies

Reincorporations in other states or countries are a means for companies to improve or worsen their corporate governance. Which one of the following statements is correct as to regulatory competition between states and countries?

A) It will result in a race to the top.
B) States and countries that cater for managers will attract most incorporations and reincorporations.
C) It is as yet not clear whether regulatory competition will result in a race to the top or to the bottom.
D) Regulatory competition will result in a race to the top.