Question: In the principal-agent framework, the ultimate principals are: I) managers; II) board of directors; III) shareholders; IV) governments a. III only b. I and II

In the principal-agent framework, the ultimate principals are: I) managers; II) board of directors; III) shareholders; IV) governments

a. III only

b. I and II only

c. I and III only

d. I, II, and III only

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