The study looked at how CEO pay is connected to a company's debt, board governance, and financial situation. It found that these factors play a big role in determining how much and what type of compensation CEOs receive. Companies with more debt tend to give CEOs more restricted stock and less stock options. Boards with strong CEO influence tend to give more cash and less stock-based pay. Companies that deviate from the best compensation practices tend to perform worse. Overall, the study shows that companies with weaker governance tend to give more cash and less stock-based pay to their CEOs.