We take a state-stewardship view on the corporate governance model and executive compensation policies in economies … not just professional managers but are also de facto government officials who are directly state-appointed – even in … ‘private' firms. They are expected to act as responsible ‘stewards' of the state. Consequently, their compensation may differ …

-2004). CEOs' compensation and CEO replacement are performance-sensitive in both periods. There is little evidence of outside … monetary compensation. Our results are consistent with the widely perceived failure of internal governance mechanism in …