"When employees invest firm-specific human capital in the firm, their contribution is just as important as, or even more important than, the shareholders' investment of finance capital. Despite this, the argument that employees' firm-specific investments give rise to a form of ownership equivalent to that of shareholders has not taken root in Anglo-American law. This, it is suggested, is largely because the concept of ownership in the firm is linked uncritically to simplistic notions of efficiency and the idea that the shareholder-ownership model is presumptively efficient. This article looks at the corporate governance debate from an evolutionary perspective, concluding that efficiency concerns do not preclude the recognition of employee property rights in the firm."

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