The objective of this article is to analyze the phenomenon of the recovered companies by their workers (Empresas Recuperadas por sus Trabajadores, ERT) in Argentina from 2001, in order to answer the following research question: "As worker's cooperatives, what are the peculiarities of ERT?" To do so, the research design includes a literature review on workers' cooperatives, and the comparison on specific theories regarding ERT. Then, a qualitative research methodology is used, based on the analysis of two case studies concerning relevant ERT in Argentina. Our research is based on the hypothesis that ERT are different from traditional workers' cooperatives. Data were collected from primary and secondary sources, including interviews with the workers. The case studies highlight the characteristics on governance processes in ERT, and on their peculiarities from traditional capitalist firms. The concluding observations regarding the relationship between ERT and their external environment are particularly important, and open the path for future research on this topic.