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.