This study investigates whether different participants in corporate governance reward strategic persistence through executive compensation. Internal participants (inside directors, CEOs/ chairs, and corporate officers who own a significant proportion of company stock) are expected to favor stability and therefore reward persistence, whereas external participants (large block shareholders) are predicted to favor change and therefore penalize persistence. Results suggest that the presence of CEOs/chairs leads to rewarding strategic persistence with total compensation. Inside directors also appear to reward persistence with fixed compensation. Large external shareholders,contrary to expectations, seem to reward persistence with higher levels of fixed compensation.