We examine how government ownership affects the top management team's (TMT) pay dispersion and how such TMT pay dispersion affects subsequent firm performance. We test three competing views on the influences of government ownership, referred to as the agency view, the equity view, and the...

Two streams of agency theory research have focused on different aspects of the contracting relationship between shareholders and CEOs. The first stream of agency theory research examines the role of multiple performance measures in a CEOs compensation contract in maximizing firm value in a...