Most small firms, and in many countries, even large companies, are not publicly listed. This book provides a comprehensive account of non-listed businesses and their particular governance problems. It explores current discussions and reforms in Europe, the United States, and Asia providing a state of the art account of the law and the economics. McCahery and Vermeulen's book stands as a seminal work providing a sound exposition of the relationship between legal and economic aspects, and the influence that these have had, and continue to have, in the context of the corporate governance of non-listed companies. I highly recommend it.