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The purpose of this research is to empirically describe the division of strategic roles between owners and managers and its change when moving from the post‐privatisation transition stage of 1995‐1999 to the European integration stage of 2000‐2004.

The design takes the form of interviews with owners and top managers, questionnaire on managers' risk aversion, discussions in focus groups. A peculiarity of the study was a broad approach to owners‐managers interplay in strategy building and strategic decision making.

At least three patterns of role distribution could be observed in the owners' and managers' strategy development cooperation. Corporate governance (CG) culture in enterprises has improved, but the managers' freedom of action in strategy forming, especially in foreign‐owned companies, has not increased with the improvement and stabilisation of business environment, contrary to what could be presumed.

Any limitations are due to predominantly qualitative nature of the research.

The paper enables one to better understand limitations to firms' behaviour caused by CG and to better target respective consulting and training programmes.

The paper presents joint treatment of CG and strategy issues. It is one of the first attempts in post‐socialist countries to determine dynamics of CG beyond publicly traded companies.

Although the significance of technological progress in economic development is well-established in theory and policy, it has remained challenging to agree upon shared priorities for strategies and policies. This paper aims to develop a model of how policymakers can develop effective and easy to communicate strategies for science, technology and economic development.

By integrating insights from economic complexity, competitiveness and foresight literature, a replicable research framework for analysing the opportunities and challenges of technological revolutions for small catching-up countries is developed. The authors highlight key lessons from piloting this framework for informing the strategy and policies for bioeconomy in Estonia towards 2030–2050.

The integration of economic complexity research with traditional foresight methods establishes a solid analytical basis for a data-driven analysis of the opportunities for industrial upgrading. The increase in the importance of regional alliances in the global economy calls for further advancement of the analytical toolbox. Integration of complexity, global value chains and export potential assessment approaches offers valuable direction for further research, as it enables discussion of the opportunities of moving towards more knowledge-intensive economic activities along with the opportunities for winning international market share.

The research merges insights from the economic complexity, competitiveness and foresight literature in a novel way and illustrates the applicability and priority-setting in a real-life setting.