Devenney, James and Miglionico, AndreaAlohaly, Asaiel Ahmed2025-07-072025-06-30https://hdl.handle.net/20.500.14154/75761This thesis offers two substantial contributions to the field of corporate governance. First, it provides a comprehensive critical analysis of the existing governance models for partially state-owned enterprises (SOEs). Second, it proposes an innovative new framework for the governance of such companies. Partial SOEs, which involve a mixture of government and private ownership, are identified in this thesis as “hybrid SOEs”. The opening sections present a significant new exploration of current governance models –what this thesis terms the “state model” – for hybrid SOEs. This includes both a full-scale theoretical analysis and case studies of some major companies from around the world. The discussion highlights the diversity of control and ownership structures in hybrid SOEs, the different forms that government influence in these companies can take, and the specific risks and challenges these pose. It demonstrates that there is currently no single state model for hybrid SOEs, and argues the need for a new forward-looking governance model that can cope with the complex nature of these companies, and balance shareholder rights with government authority. The proposed new governance model, the pioneering contribution of this thesis, is then presented. The proposed model provides a practical approach (a toolkit) that reflects the unique risks and challenges faced by hybrid SOEs. The flexibility of this model is crucial, as this is what ensures its relevance across different settings. With its thorough examination of the current situation and proposed new governance model, this thesis presents an important contribution to governance knowledge. It also provides a valuable foundation for future research or initiatives exploring the potential practical implementation of the proposed model.115enHybrid SOEsState Model(s)GovernmentShareholdersProposed ModelThesis