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Creating Risk Capital: A Royalty Fund Solution to the Ownership and Financing of Enterprise by Ian Whalley

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2. Ownership, Control and Governance

All thoughtful people believe that corporate enterprise should be organized and operated to serve the interests of society as a whole.

Henry Hansmann and Reinier Kraakman [1]

The ownership, control and governance of enterprise are important, because they ultimately determine how an enterprise behaves and how it performs. The main forms of ownership, the factors which influence which form is adopted, and the principal models for running an enterprise, will be discussed in this chapter.

The importance of ownership

Ownership is important because in most cases it determines who has the formal right to control a particular enterprise. Consequently, it is the owners, defined as “those persons who share ...

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