Behavioral agency and corporate entrepreneurship: CEO equity incentives & competitive behavior

Scholars have long studied drivers of entrepreneurial behavior among established firms. Yet little is known about how individual factors shape a firm’s choice to pursue entrepreneurship. We draw on behavioral agency theory to explore the role of equity incentives in driving corporate entrepreneurshi...

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Veröffentlicht in:International entrepreneurship and management journal 2019-09, Vol.15 (3), p.1017-1039
Hauptverfasser: Jones, Carla D., Jolly, Phillip M., Lubojacky, Connor J., Martin, Geoffrey P., Gomez-Mejia, Luis R.
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Sprache:eng
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Zusammenfassung:Scholars have long studied drivers of entrepreneurial behavior among established firms. Yet little is known about how individual factors shape a firm’s choice to pursue entrepreneurship. We draw on behavioral agency theory to explore the role of equity incentives in driving corporate entrepreneurship. Our findings suggest CEOs avoid corporate entrepreneurial behaviors as their option wealth increases. However industry dynamics also prove to be an important contingency when predicting the effects of both restricted stock and stock options on the likelihood that the CEO engages in corporate entrepreneurship. Our findings provide a theoretical platform for predicting dimensions of entrepreneurial behavior and highlight effects of CEO equity ownership.
ISSN:1554-7191
1555-1938
DOI:10.1007/s11365-019-00576-7