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The objective of this study is to investigate further the interplay between corporate governance and firm performance with special focus on a situation expected to bring larger agency costs to the firm, that is, when voting rights of the dominant shareholder exceed his/her cash flow rights.

The research is conducted in Canada over a four‐year period from 2002 to 2005 and uses a balanced sample of 130 firms or 520 firm‐year observations. Corporate governance is measured based on the ROB corporate governance index published by The Globe and Mail.

The results clearly show a positive and significant relationship between the ROB governance scores and Tobin's Q, when there is a separation between voting and cash flow rights. In the absence of any excess voting rights, no significant relation is found between governance and performance.

The findings suggest that regulators need to exercise caution before deciding whether or not to recommend or impose corporate governance rules for all firms, since the benefits of these rules may vary among the firms.

The study contributes to explaining mixed international evidence on the governance‐performance relationship, while directing attention to the moderating effect of the deviation from the one share‐one vote principle. To the best of the authors' knowledge, no other study using corporate governance indices has taken into account the impact of excess voting rights despite the widespread use of that practice outside the USA.

Purpose: This paper uses performance theory to explore how wine-tourism experiences are orchestrated by wine tour guides to encourage engagement of consumers. It describes how such orchestration is built on material elements such as landscapes, architecture, vineyards, production facilities, and wine tastings.

Design/methodology/approach: A multi-layer ethnographic research on wine-tourism was employed. The interviews, observations, and field notes were analyzed through the lens of performance theory. A constant comparative method was used to identify emergent patterns, and a hermeneutic method was used to interpret the data.

Findings: The paper builds on performance theory and delineates the ways in which guides co-create intense experiences with participants. It portrays how tour guides often adjust their theatrical scripts to consumers’ unique needs through creative variations: surprise treats, activities, and personal stories. When guides take pleasure in tours, participants do as well, resulting in memorable co-created experiences. The tours feature processes such as pitching and relation-building techniques that call upon identity, morality, and materiality scripts, which ultimately build a sense of social obligation among participants toward tour guides and winery staff.

Originality/value: From a theoretical perspective, the paper adds value to the discussion of performance in tourism by suggesting that the service blueprint, architecture, and employee training are only part of the story. This paper shows how consumer engagement and interactions between participants, guides, architecture, and landscapes are essential elements of memorable experiences.

Research limitations: Like other studies, there are limitations to our study as well. Our study only included one-day wine tours. A broader investigation of strategic alliances between tour companies and wineries, and how wine tourists experience and sustain a sense of social obligations to the wineries they visit, will provide further insights into how wine-tourism functions as a co-creative emergent form of consumption involving individuals, products, and processes.