Corporate values and corporate governance

Steen Thomsen (Steen Thomsen is a Professor at the Department of International Economics and Management, Copenhagen Business School, Copenhagen, Denmark. Tel: +45 38152590, Fax: +45 38152500, E‐mail:

Corporate Governance

ISSN: 1472-0701

Publication date: 1 December 2004


There is growing interest in corporate values but where do they come from? What factors determine corporate values? This paper argues that they are determined by corporate governance in a broad sense of the word. Three governance mechanisms are emphasized: ownership structure, board composition and stakeholder influence. In smaller companies founder‐owners often play a pivotal role in shaping corporate value systems that influence companies for years to come. In larger companies that separate ownership and control, managers and boards come to play a powerful role. In both cases repeated interaction with customers, employees and other stakeholders shape corporate values by way of corporate reputation and corporate culture.



Thomsen, S. (2004), "Corporate values and corporate governance", Corporate Governance, Vol. 4 No. 4, pp. 29-46.

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Copyright © 2004, Emerald Group Publishing Limited

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