The objective of maximizing value for the shareholders provides an important theme in corporate finance. This objective is not without criticism. Which of the following is NOT a criticism.

Select one:

a. The objective is blind to social and ethical costs associated with value maximization.

b. The objective does not well account for the fact that managers are naturally inclined to act in their own best interests, which are not always in line with that shareholders.

c. It assumes that accrual based profits are superior to cash flows.

d. It assumes some level of market efficiency.