...Richard M. Van Doel; George Howell Purpose The purpose of this paper is to examine the type of governance dominant within employee-owned companies established as an Employee Stock Ownership Plan (ESOPs) and to ascertain if governance follows the agency or stewardship theory of governance...

... they own. This paper explore this conflict by examining theories of property and ownership to determine whether the right to participate in decision-making is inherent in the idea of ownership as it is generally understood. Ultimately, the author argues that the law governing ESOPs should be revised...