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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 …
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This agent-based model contributes to a theory of corporate culture in which company performance and employees’ behaviour result from the interaction between financial incentives, motivational factors and endogenous social norms. Employees’ personal values are the main drivers of behaviour....
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