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

Carla D. Jones (), Phillip M. Jolly (), Connor J. Lubojacky (), Geoffrey P. Martin () and Luis R. Gomez-Mejia ()
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Carla D. Jones: Sam Houston State University
Phillip M. Jolly: Pennsylvania State University
Connor J. Lubojacky: University of Houston
Geoffrey P. Martin: Melbourne Business School
Luis R. Gomez-Mejia: Arizona State University

International Entrepreneurship and Management Journal, 2019, vol. 15, issue 3, No 16, 1017-1039

Abstract: Abstract 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.

Keywords: Behavioral agency; Corporate entrepreneurship; Competitive behavior; Incentive alignment (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s11365-019-00576-7

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