Which of the Following Problems Arises Within Owner-Manager Agency Relationships

Multiple Choice

Which of the following problems arises within owner-manager agency relationships?
$$\begin{array} { l l l } \text { I. } \text { Risk aversion } & \text { III. Clan delution } \\\text { II. Asset substitution } & \text { IV. } \text { Dividend retention }\end{array}$$

A) I and III.
B) I and IV.
C) II and III.
D) II and IV.