the ashes, dominates public debate with strong statements regarding efficiency, justice, and what managers "deserve" - and …

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

growth is shown to be significantly linked to executive compensation and that Chinese executives are penalized for making … managers and thus possibly making China's listed firms less effective in solving the agency problem. As such, ownership …