Signals and structuresDvorski, Katarina (Avtor) Lahovnik, Matej (Avtor) Hruška, Domagoj (Avtor) corporate governancefinancial institutionsownershipSloveniainstitutional logicsactivity-based logicsidentity-based logicsstate ownershippolitical cyclesIn Slovenia’s boardrooms, governance is less a fixed blueprint than a living performance. Drawing on a decade of data from 24 public companies, we identify two distinct yet coexisting governance logics: identity-based, oriented toward symbolic compliance, and activity-based, linked to operational performance. Using factor analysis and hypothesis testing, we find that even moderate levels of state ownership are associated with stronger symbolic governance practices, while national elections prompt visible legitimacy signalling without substantive structural reform. Performance-oriented governance remains comparatively muted, suggesting that legitimacy concerns often outweigh efficiency in shaping board structures and practices. The Slovenian case illustrates how governance reforms—anchored in EU norms, sustainability frameworks, and market liberalisation—layer over, rather than replace, older institutional logics. The result is a hybrid governance form that is adaptive, performative, and politically attuned. These dynamics highlight how, in politicised markets, firms actively manage perceptions to maintain stability, often privileging visible conformity over operational change—an approach that deserves closer scrutiny from policymakers, investors, and scholars.20262026-04-03 16:46:27Članek v reviji181398UDK: 332.1ISSN pri članku: 1331-0194DOI: 10.30924/mjcmi.31.1.1COBISS_ID: 269939715sl