Which of the Following Statements Is False

Which of the following statements is false?

A) One study found that firms with fewer restrictions on shareholder power performed worse than firms with more restrictions during the 1990s.
B) Some large public pension funds, such as CalPERS (the California Public Employees Retirement System) , take an activist role in corporate governance.
C) In 2004 with the Walt Disney Company, major shareholders were dissatisfied with the recent performance of Disney under long-time CEO and Chairman, Michael Eisner. They began an organized campaign to convince the majority of Disney shareholders to withhold their approval of the reelection of Eisner as director and chairman of the board.
D) Given the importance of shareholder action in corporate governance, researchers and large investors alike have become increasingly interested in measuring the balance of power between shareholders and managers in a firm.