The study looked at how top managers' characteristics affect the performance of state-owned and private companies in China. They found that education positively impacts firm performance, especially in state-owned companies. Executive compensation also boosts performance, more so in private companies. Managerial ownership has a small positive effect on performance, with differences between state-owned and private companies. This shows that education, compensation, and ownership of top managers all influence company performance, but to varying degrees depending on the type of company.