Which One of the Following Statements Is TRUE

Which one of the following statements is TRUE?

A) management is said to be entrenched when senior managers are unlikely to be fired.
B) a company's matching contribution to a retirement plan is a nonpecuniary benefit.
C) company sponsorship of a local charity is an example of a nonpecuniary benefit.
D) a manager/shareholder agency conflict arises when shareholders sell their stock even though management says the stock is undervalued.
E) a manager/shareholder agency conflict arises when the board of directors pays a larger dividend than the firm's earnings could support.