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The collegial governance configuration is characterized by a less specialized governance structure.
Wachtell Lipton epitomizes the collegial governance configuration in the minimal formalization of control rights.
The founder-dominated governance configuration describes characteristics shared by many young, small firms.
The entrepreneurial governance configuration is characterized by a low degree of formalization.
The collegial governance configuration is most feasible if the professionals share common values and beliefs.
Firms closely following the managerial governance configuration are typically externally owned and have limited liability.
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Furthermore, our governance configurations allow for more precision and distinction in describing each governance form.
A summary of our approach to PSF governance configurations is presented in the following Fig. 2.
Referring to our governance configurations, the firm was a hybrid between the collegial and the managerial configuration.
This study suggests that a focus on PSF governance configurations may lead to further insights into processes of organizational growth.
While our suggested PSF governance configurations are products of ideation (Bunge 1996), they are informed by previous empirical studies of various professions.
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