The study looked at how CEO pay is influenced by the ownership structure of Chinese public companies. They found that in companies with many owners, CEO pay is more tied to the company's size, while in companies with few owners, CEO pay is more linked to the company's financial performance. Having a compensation committee and more ownership by the CEO can lead to higher pay. Companies with few owners tend to perform better than those with many owners, and CEOs are more motivated by owning shares in companies with many owners.