The study looked at how CEO pay is determined in Indian companies. They found that CEO pay is not linked to the board of directors, but instead to the ownership of the company and how long the CEO has been in their role. The researchers also discovered that not considering the CEO's individual characteristics when studying CEO pay can lead to wrong conclusions about how pay is decided. In private companies, CEO pay related to ownership is connected to better future performance, while pay linked to the board and CEO's traits in both private and public companies is not. This suggests that CEO pay in Indian firms is fair and based on performance, rather than just CEOs taking more money for themselves.