Based on the mechanism design theory, this study takes four platform firms as research objects, explores how firms with different initial governance mechanisms influence the iterative adjustment of platform governance through the construction of control portfolios, and addresses the question of “how platforms drive the evolution of governance mechanisms”. The findings indicate that platform firms with different initial governance mechanisms integrate decentralized elements into the centralized framework or incorporate centralized elements into the decentralized structure, through the orchestration of control portfolio.
Han et al. (2026) studied this question.