Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) A serious concern for large corporations is that managers may make large,unprofitable investments.
B) While overspending on personal perks may be a problem for large firms,these costs are likely to be small relative to the overall value of the firm.
C) Some financial economists explain a manager's willingness to engage in negative-NPV investments as empire building.
D) While ownership is often diluted for small,young firms,ownership typically becomes concentrated over time as a firm grows.