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Behavioral agency and corporate entrepreneurship: CEO equity incentives & competitive behavior |
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| Authors: | Jones Carla D Jolly Phillip M Lubojacky Connor J Martin Geoffrey P Gomez-Mejia Luis R |
| Institution: | 1.Department of Management and Marketing, Sam Houston State University, Box 2056, Huntsville, TX, 77341-2056, USA ;2.School of Hospitality Management, Pennsylvania State University, University Park, PA, 16802, USA ;3.Management Department, University of Houston, 334 Melcher Hall, Houston, TX, 77204-6021, USA ;4.Melbourne Business School, 200 Leicester Street, Carlton, VIC, 3053, Australia ;5.Department of Management, W.P. Carey School of Business, Arizona State University, Tempe, AZ, 85287, USA ; |
| 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. |
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