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              <p>Hybrid organizations face a critical void in legal frameworks due to their dual objectives. While prior research has explored how organizational governance can support hybridity, our article delves into the potential legal frameworks for dual-purpose corporations. Specifically, we investigate the novel French legal corporate structure known as the 'société à mission'. Our aim is to present this legal framework and to propose a theoretical model of its distinctive governance scheme.Employing a grounded theory approach, we conduct an empirical study from 2020 to 2023, on three companies that become 'société à mission' in 2020. Our analysis yields a governance model, which we refer to as the model of 'purpose-controlled corporate governance', that distinguishes itself on three levels from the governance model of hybrid organizations: it shifts from organizational governance to corporate governance, with a revision of the corporate constitution and, consequently, a change in the relationships among stakeholders; it transitions from the focus on accountability to stakeholders to an emphasis on fidelity to the purpose; and finally, it moves from stakeholder participation in managerial decisions to the control of managerial decision and the quality of trade-off resolution.This model opens new avenues, we argue, for the possible institutionalization of dual-purpose corporations.</p>
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