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W HILE CORPORATE governance has been one of the hottest topics for a number of years in both management practice and theory, the research-based analysis of governance mechanisms in nonprofit organizations is relatively underdeveloped (Middleton, 1987;Herman and Van Til, 1989;Ostrower and Stone, 2005). However, examples of ineffective governance show the need for a theory of governance that addresses the specificities of nonprofits (see, for example, Chisolm, 1995;Ben-Ner and Van Hoomissen, 1994).To date, most of the literature on nonprofit governance has focused on describing board governance. There is a lack of theoretical Note: I thank the editor, Roger Lohmann, and the three anonymous referees for their extremely helpful comments and suggestions.