Many companies create private governance—collectively designed arrangements such as ecological or social standards that guide corporate conduct. Yet explanations for why firms engage in such governance creation remain fragmented across a wide range of studies and disciplines. This article synthesizes existing research into a comprehensive framework that integrates macro-level institutional conditions with meso- and micro-level drivers and barriers, thereby clarifying the antecedents of corporate engagement in the creation of private governance. We also develop a research agenda addressing these gaps within debates on political corporate social responsibility (PCSR). While PCSR articulates normative ideals of legitimate corporate engagement, empirical findings show governance creation often serves instrumental reasons. Our framework clarifies why and under what conditions firms engage in the creation of private governance.