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The concept of effectuation, introduced by Saras Sarasvathy and Herbert Simon, is finding more and more applications, especially in the field of entrepreneurship. It is particularly used during the process of the creation of investment opportunities. The aim of this article is to investigate the mechanisms that promote this type of decision making. In other words, it explores the founding principles of an effectual approach to corporate governance. The shortcomings of current theories of corporate governance are highlighted and we show how the concept of effectuation can be integrated into these theories. We elaborate the specificities of an effectual approach to corporate governance and propose future research avenues.