not just professional managers but are also de facto government officials who are directly state-appointed – even in … from what agency theory predicts. We test this state-stewardship view on China and find that Chinese managers are …-steward managers stimulates not the maximization of shareholder value but the preservation of the state's interests …

managers who are board members as they earn £1.3 million less over a five-year period. We also show that the gender pay gap is …