IDEAS home Printed from
   My bibliography  Save this paper

Governance and Ownership: Theoretical Framework of Research


  • Mike Franz Wahl

    () (School of Economics and Business Administration, Tallinn University of Technology)


This article reviews practical and theoretical aspects of ownership research and corporate governance in a historical view. Whom and what is a business for? The answer once seemed clear, but no longer. Jyrki Veranen (1996) argues that the governing of the company should be based on a model that allows the owners to control and support the management. Martin Hilb (2006) argues that ownership has been replaced by investment, and a companyís assets are increasingly found in its people. Ownership history and knowledge of relevant contextual factors help to frame the ìrightî questions to ask in our research efforts. An historical summary of ownership research is given. The term ìcorporate governanceî has come to mean many things; it involves various problems of asymmetric information and incomplete contracts that generate a need for public policy responses to mitigate market failures and ensuring that companies move towards ìgoodî corporate governance. It seems that all research on corporate governance is actually research on ownership. Ownership research needs delicate and sensitive information. This author is further developing a typology of capital company owners in Estonia, using cluster analysis.

Suggested Citation

  • Mike Franz Wahl, 2008. "Governance and Ownership: Theoretical Framework of Research," Working Papers 179, Tallinn School of Economics and Business Administration, Tallinn University of Technology.
  • Handle: RePEc:ttu:wpaper:179

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Simeon Djankov & Peter Murrell, 2002. "Enterprise Restructuring in Transition: A Quantitative Survey," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 739-792, September.
    Full references (including those not matched with items on IDEAS)

    More about this item


    corporate governance; ownership structure; history; classification; Estonia;

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ttu:wpaper:179. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Urve Venesaar). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.