Corporate governance has been inclined to focus on the disciplining aspect of governance  mechanisms  on  listed  corporations.  We  claim  that  a  theory  of corporate governance has to consider the enabling aspects of the mechanisms, and has  to abandon the empirical focus on one single corporate governance structure, the company with privately transferable property rights. A model is proposed that through propositions explains the relationship between corporate governance   and   corporate   entrepreneurship   in   two   types   of   corporate governance  structures,  the  company  and  the  public  non-profit  association. Theoretically it is showed that different governance mechanisms influence risk behaviour  and  strategic  opportunism  differently,  indicating  that  governance mechanisms    have    the    capacity    to    restrain    and    stimulate   corporate entrepreneurship.