Advertisement

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

  • Carla D. JonesEmail author
  • Phillip M. Jolly
  • Connor J. Lubojacky
  • Geoffrey P. Martin
  • Luis R. Gomez-Mejia
Article
  • 148 Downloads

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 

Notes

References

  1. Baughn, C. C., Chua, B.-L., & Neupert, K. E. (2006). The normative context for women's participation in entrepreneurship: A multicountry study. Entrepreneurship Theory and Practice, 30(5), 687–708.CrossRefGoogle Scholar
  2. Block, Z. & MacMillan, I. C. (1993). Corporate venturing: Creating new businesses within the firm. Cambridge, MA: Harvard Business School Press.Google Scholar
  3. Boling, R. J., Pierper, T. M., & Covin, J. G. (2016). CEO tenure and entrepreneurial orientation within family and nonfamily firms. Entrepreneurship Theory and Practice, 40(4), 891–913.CrossRefGoogle Scholar
  4. Bowman, E. H. (1982). Risk seeking by troubled firms. Sloan Management Review, 23(4), 33–42.Google Scholar
  5. Bridoux, F., Smith, K. G., & Grimm, C. M. (2013). The management of resources: Temporal effects of different types of actions on performance. Journal of Management, 39(4), 928–957.CrossRefGoogle Scholar
  6. Bromiley, P., Miller, K. D., & Rau, D. (2001). Risk in strategic management research. The Blackwell handbook of strategic management (pp. 259–288).Google Scholar
  7. Bromiley, P., Rau, D., & Zhang, Y. (2017). Is R&D risky? Strategic Management Journal, 38(4), 876891.CrossRefGoogle Scholar
  8. Bryan, S., Hwang, L. S., & Lilien, S. (2000). CEO stock-based compensation: An empirical analysis of incentive-intensity, relative mix, and economic determinants. Journal of Business and Society, 73(4), 661–693.CrossRefGoogle Scholar
  9. Burgers, H., & Covin, J. G. (2014). Organizing for corporate entrepreneurship: A contingency view. Academy of Management Proceedings, 2014(1), 11940.CrossRefGoogle Scholar
  10. Certo, S. T., & Semadeni, M. (2006). Strategy research and panel data: Evidence and implications. Journal of Management, 32(3), 449–471.CrossRefGoogle Scholar
  11. Certo, S. T., Withers, M. C., & Semadeni, M. (2017). A tale of two effects: Using longitudinal data to compare within- and between-firm effects. Strategic Management Journal, 38(7), 1536–1556.CrossRefGoogle Scholar
  12. Chen, M.-J. (1996). Competitor analysis and interfirm rivalry: Toward a theoretical integration. Academy of Management Review, 21(1), 100–134.CrossRefGoogle Scholar
  13. Chen, M.-J., & MacMillan, I. C. (1992). Nonresponse and delayed response to competitive moves: The roles of competitor dependence and action irreversibility. Academy of Management Journal, 35(3), 539–570.Google Scholar
  14. Chen, M.-J., & Miller, D. (2012). Competitive dynamics: Themes, trends, and a prospective research platform. The Academy of Management Annals, 6(1), 135–210.CrossRefGoogle Scholar
  15. Chen, J., & Nadkarni, S. (2017). It’s about time! CEOs’ temporal dispositions, temporal leadership, and corporate entrepreneurship. Administrative Science Quarterly, 62(1), 31–66.CrossRefGoogle Scholar
  16. Chen, M.-J., Smith, K. G., & Grimm, C. M. (1992). Action characteristics as predictors of competitive responses. Management Science, 38(3), 439–455.CrossRefGoogle Scholar
  17. Chen, M.-J., Su, K.-H., & Tsai, W. (2007). Competitive tension: The awareness-motivation-capability perspective. Academy of Management Journal, 50(1), 101–118.CrossRefGoogle Scholar
  18. Connelly, B. L., Tihanyi, L., Ketchen, D. J., Carnes, C. M., & Ferrier, W. J. (2017). Competitive repertoire complexity: Governance antecedents and performance outcomes. Strategic Management Journal, 38(5), 1151–1173.CrossRefGoogle Scholar
  19. Connelly, B. L., Lee, K. B., Tihanyi, L., Certo, S. T., & Johnson, J. L. (2019). Something in common: Competitive dissimilarity and performance of rivals with common shareholders. Academy of Management Journal, 62(1), 1–21.CrossRefGoogle Scholar
  20. Covin, J. G., & Miles, M. P. (1999). Corporate entrepreneurship and the pursuit of competitive advantage. Entrepreneurship Theory and Practice, 23(3), 47–63.CrossRefGoogle Scholar
  21. Covin, J. G., & Slevin, D. P. (1988). The influence of organization structure on the utility of an entrepreneurial top management style. Journal of Management Studies, 25(3), 217–234.CrossRefGoogle Scholar
  22. Covin, J. G., & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic Management Journal, 10(1), 75–87.CrossRefGoogle Scholar
  23. Covin, J. G., & Slevin, D. P. (1991). A conceptual model of entrepreneurship as firm behavior. Entrepreneurship Theory and Practice, 16(1), 7–25.CrossRefGoogle Scholar
  24. Covin, J. G., & Wales, W. J. (2019). Crafting high-impact entrepreneurial orientation research: Some suggested guidelines. Entrepreneurship Theory and Practice, 43(1), 3–18.CrossRefGoogle Scholar
  25. Daft, R. L., & Weick, K. E. (1984). Toward a model of organizations as interpretation systems. Academy of Management Review, 9(2), 284–295.CrossRefGoogle Scholar
  26. Daniel, F., Lohrke, F. T., Fornaciari, C. J., & Turner, R. A., Jr. (2004). Slack resources and firm performance: A meta-analysis. Journal of Business Research, 57(6), 565–574.CrossRefGoogle Scholar
  27. Das, T. K., & Teng, B. S. (1996). Risk types and inter-firm alliance structures. Journal of Management Studies, 33(6), 827–843.CrossRefGoogle Scholar
  28. D'Aveni, R. A. (1994). Hypercompetition: Managing the dynamics of strategic maneuvering. New York: The Free Press.Google Scholar
  29. D'Aveni, R. A., Dagnino, G. B., & Smith, K. G. (2010). The age of temporary advantage. Strategic Management Journal, 31(13), 1371–1385.CrossRefGoogle Scholar
  30. Deb, P., & Wiklund, J. (2017). The effects of CEO founder status and stock ownership on entrepreneurial orientation in small firms. Journal of Small Business Management, 55(1), 32–55.CrossRefGoogle Scholar
  31. Dess, G. G., & Beard, D. W. (1984). Dimensions of organizational task environment. Administrative Science Quarterly, 29(1), 52–73.CrossRefGoogle Scholar
  32. Devers, C. E., Cannella, A. A., Jr., Reilly, G. P., & Yoder, M. E. (2007). Executive compensation: A multidisciplinary review of recent developments. Journal of Management, 33(6), 1016–1072.CrossRefGoogle Scholar
  33. Devers, C. E., McNamara, G., Wiseman, R. M., & Arrfelt, M. (2008). Moving closer to the action: Examining compensation design effects on firm risk. Organization Science, 19(4), 548–566.CrossRefGoogle Scholar
  34. Duncan, R. B. (1972). Characteristics of organizational environments and perceived environmental uncertainty. Administrative Science Quarterly, 17(3), 313–327.CrossRefGoogle Scholar
  35. Eisenhardt, K. M. (1989). Agency theory: An assessment and review. Academy of Management Review, 14(1), 57–74.CrossRefGoogle Scholar
  36. Eisenhardt, K. M., & Bourgeois, L. J. (1988). Politics of strategic decision making in high-velocity environments: Toward a midrange theory. Academy of Management Journal, 31(4), 737–770.Google Scholar
  37. Fama, E. F., & French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33(1), 3–56.CrossRefGoogle Scholar
  38. Ferrier, W. J. (2001). Navigating the competitive landscape: The drivers and consequences of competitive aggressiveness. Academy of Management Journal, 44(4), 858–877.Google Scholar
  39. Ferrier, W. J., Smith, K. G., & Grimm, C. M. (1999). The role of competitive action in market share erosion and industry dethronement: A study of industry leaders and challengers. Academy of Management Journal, 42(4), 372–388.Google Scholar
  40. Ferrier, W. J., Fhionnlaoich, C. M., Smith, K. G., & Grimm, C. M. (2002). The impact of performance distress on aggressive competitive behavior: A reconciliation of conflicting views. Managerial and Decision Economics, 23(4–5), 301–316.CrossRefGoogle Scholar
  41. Finkelstein, S., Hambrick, D. C., & Cannella, A. A., Jr. (2008). Strategic leadership: Theory and research on executives, top management teams, and boards. Minneapolis/St. Paul: West.Google Scholar
  42. Fombrun, C. J., & Shanley, M. (1990). What's in a name: Reputation building and corporate strategy. Academy of Management Journal, 33(2), 233–258.Google Scholar
  43. Garcia-Sanchez, E., Garcia-Morales, V. J., & Martin-Rojas, R. (2018). Analysis of the influence of the environment, stakeholder integration capability, absorptive capacity & technological skills on organizational performance through corporate entrepreneurship. International Entrepreneurship and Management Journal, 14, 345–377.CrossRefGoogle Scholar
  44. Gomez-Mejia, L. R., Welbourne, T., & Wiseman, R. (2000). The role of risk sharing and risk taking under gainsharing. Academy of Management Review, 25(3), 492–589.Google Scholar
  45. Gomez-Mejia, L. R., Berrone, P., & Franco-Santos, M. (2010). Compensation and organizational performance: Theory, research, and practice. Armonk: M.E. Sharpe.Google Scholar
  46. Grimm, C. M., & Smith, K. G. (1997). Strategy as action: Industry rivalry and coordination. Cincinnati, Ohio: South-Western College Publishing.Google Scholar
  47. Gupta, V. K., & Turban, D. B. (2012). Evaluation of new business ideas: Do gender stereotypes play a role? Journal of Managerial Issues, 24(2), 140–156.Google Scholar
  48. Guth, W. D., & Ginsberg, A. (1990). Guest editors’ introduction: Corporate entrepreneurship. Strategic Management Journal, 11, 5–15.Google Scholar
  49. Hambrick, D. C. (1994). Top management groups: A conceptual integration and reconsideration of the "team" label. In B. M. Staw & L. L. Cummings (Eds.), Research in organizational behavior (pp. 171–214). Greenwich: JAI Press.Google Scholar
  50. Hambrick, D. C., Cho, T. S., & Chen, M.-J. (1996). The influence of top management team heterogeneity on firms' competitive moves. Administrative Science Quarterly, 41(4), 659–684.CrossRefGoogle Scholar
  51. Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767–798.Google Scholar
  52. Holmstrom, B. (1979). Moral hazard and observability. Bell Journal of Economics, 10(1), 74–91.CrossRefGoogle Scholar
  53. Hough, J. R., & White, M. A. (2003). Environmental dynamism and strategic decision‐making rationality: an examination at the decision level. Strategic Management Journal, 24(5), 481–489.Google Scholar
  54. Hornsby, J., Pena-Legazkue, I., & Guerrero, M. (2013). Guest editorial: The role of corporate entrepreneurship in the current organizational and economic landscape. International Entrepreneurship and Management Journal, 9, 295–305.CrossRefGoogle Scholar
  55. Huddart, S., & Lang, M. (1996). Employee stock option exercises: An empirical analysis. Journal of Accounting and Economics, 21(1), 5–43.CrossRefGoogle Scholar
  56. Hughes, M., & Mustafa, M. (2017). Antecedents of corporate entrepreneurship in SMEs: Evidence from an emerging economy. Journal of Small Business Management, 55(S1), 115–140.CrossRefGoogle Scholar
  57. Ireland, R. D., Hitt, M. A., & Sirmon, D. G. (2003). A model of strategic entrepreneurship: The construct and its dimensions. Journal of Management, 29(6), 963–989.CrossRefGoogle Scholar
  58. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305–360.CrossRefGoogle Scholar
  59. Kahneman, D., & Tversky, A. (1979). Prospect theory: Analysis of decision making under risk. Econometrica, 47(2), 263–292.CrossRefGoogle Scholar
  60. Keats, B. W., & Hitt, M. A. (1988). A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance. Academy of Management Journal, 31(3), 570–598.Google Scholar
  61. Kennedy, P. (2003). A guide to econometrics. Cambridge: MIT Press.Google Scholar
  62. Ketchen, D. J., Ireland, R. D., & Baker, L. T. (2013). The use of archival proxies in strategic management studies. Organizational Research Methods, 16(1), 32–42.CrossRefGoogle Scholar
  63. Khandwalla, P. N. (1977). Some top management styles, their context and performance. Organization & Administrative Sciences, 7(4), 21–51.Google Scholar
  64. Kuhberger, A. (1998). The influence of framing on risky decisions: A meta-analysis. Organizational Behavior and Human Decision Processes, 75(1), 23–55.CrossRefGoogle Scholar
  65. Kuratko, D. F., Montagno, R. V., & Hornsby, J. S. (1990). Developing an intrapreneurial assessment instrument for an effective corporate entrepreneurial environment. Strategic Management Journal, 49–58.Google Scholar
  66. Larraza-Kintana, M., Wiseman, R. M., Gomez-Mejia, L. R., & Welbourne, T. M. (2007). Disentangling compensation and employment risks using the behavioral agency model. Strategic Management Journal, 28(10), 1001–1019.CrossRefGoogle Scholar
  67. Li, Y., Guo, H., Liu, Y., & Li, M. (2008). Incentive mechanisms, entrepreneurial orientation, and technology commercialization: Evidence from China’s transitional economy. Journal of Product Innovation Management, 25(1), 63–78.CrossRefGoogle Scholar
  68. Lin, C., Massa, M., & Zhang, H. (2014). Mutual funds and information diffusion: The role of country-level governance. Review of Financial Studies, 27(11), 3343–3387.CrossRefGoogle Scholar
  69. Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172.CrossRefGoogle Scholar
  70. Lumpkin, G. T., & Dess, G. G. (2001). Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle. Journal of Business Venturing, 16(5), 429–451.CrossRefGoogle Scholar
  71. Marcel, J. J., Barr, P. S., & Duhaime, I. M. (2010). The influence of executive cognition on competitive dynamics. Strategic Management Journal, 32(2), 115–138.CrossRefGoogle Scholar
  72. Martin, G. P., Gomez-Mejia, L. R., & Wiseman, R. M. (2013). Executive stock options as mixed gambles: Revisiting the behavioral agency model. Academy of Management Journal, 56(2), 451–472.CrossRefGoogle Scholar
  73. Martin, G. P., Washburn, N., Makri, M., & Gomez-Mejia, L. R. (2015). Not all risk is born equal: The behavioral agency model & firm efficacy. Human Resource Management., 54(3), 483–498.CrossRefGoogle Scholar
  74. Miller, D. (1983). The correlates of entrepreneurship in three types of firms. Management Science, 29(7), 770–791.CrossRefGoogle Scholar
  75. Miller, D. (1991). Stale in the saddle: CEO tenure and the match between organization and environment. Management Science, 37(1), 34–52.CrossRefGoogle Scholar
  76. Miller, D. (2011). Miller (1983) revisited: A reflection on EO research and some suggestions for the future. Entrepreneurship Theory and Practice, 35(5), 873–894.CrossRefGoogle Scholar
  77. Miller, D., & Chen, M.-J. (1996). The simplicity of competitive repertoires: An empirical analysis. Strategic Management Journal, 17(6), 419–439.CrossRefGoogle Scholar
  78. Miller, D., & Friesen, P. H. (1978). Archetypes of strategy formulation. Management Science, 24(9), 921–933.CrossRefGoogle Scholar
  79. Miller, D., & Le Breton-Miller, I. (2011). Governance, social identity, and entrepreneurial orientation in closely held public companies. Entrepreneurship Theory and Practice, 35(5), 1051–1076.CrossRefGoogle Scholar
  80. Mintzberg, H. (1973). Strategy-making in three modes. California Management Review, 16(2), 44–53.CrossRefGoogle Scholar
  81. Mintzberg, H. (1991). The effective organization: Forces and forms. MIT Sloan Review, 32(2), 54–80.Google Scholar
  82. Mirchandani, K. (1999). Feminist insight on gendered work: New directions in research on women and entrepreneurship. Gender, Work and Organization, 6(4), 224–235.CrossRefGoogle Scholar
  83. Nelson, R. R., & Winter, S. G. (1982). An evolutionary theory of economic change. Cambridge, Mass: Belknap Press of Harvard University Press.Google Scholar
  84. Peng, M. W., Li, Y., Xie, E., & Su, Z. (2010). CEO duality, organizational slack, and firm performance in China. Asia Pacific Journal of Management, 27(4), 611–624.CrossRefGoogle Scholar
  85. Pepper, A., & Gore, J. (2012). Behavioral agency theory: New foundations for theorizing about executive compensation. Journal of Management, 41(4), 1045–1068.CrossRefGoogle Scholar
  86. Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industry and competitors. New York: Harper & Row.Google Scholar
  87. Powell, T. C., Lovallo, D., & Fox, C. R. (2011). Behavioral strategy. Strategic Management Journal, 32(13), 1369–1386.CrossRefGoogle Scholar
  88. Rauch, A., Wiklund, J., Lumpkin, G. T., & Frese, M. (2009). Entrepreneurial orientation and business performance: An assessment of past research and suggestions for the future. Entrepreneurship Theory and Practice, 33(3), 761–787.CrossRefGoogle Scholar
  89. Rindova, V., Ferrier, W. J., & Wiltbank, R. (2010). Value from gestalt: How sequences of competitive actions create advantage for firms in nascent markets. Strategic Management Journal, 31(13), 1474–1497.CrossRefGoogle Scholar
  90. Rosenbusch, N., Rauch, R., & Bausch, A. (2013). The mediating role of entrepreneurial orientation in the task environment-performance relationship: A meta-analysis. Journal of Management, 39(3), 633–659.CrossRefGoogle Scholar
  91. Sakhdari, K., & Burgers, J. H. (2018). The moderating role of entrepreneurial management in the relationship between absorptive capacity and corporate entrepreneurship: An attention-based view. International Entrepreneurship and Management Journal, 14(4), 927–950.CrossRefGoogle Scholar
  92. Sanders, W. G. (2001). Behavioral responses of CEOs to stock ownership and stock option pay. Academy of Management Journal, 44(3), 477–492.Google Scholar
  93. Sanders, W. G., & Hambrick, D. C. (2007). Swinging for the fences: The effects of CEO stock options on company risk taking and performance. Academy of Management Journal, 50(5), 1055–1078.CrossRefGoogle Scholar
  94. Sathe, V. (1989). Fostering entrepreneurship in the large, diversified firm. Organizational Dynamics, 18(1), 20–32.Google Scholar
  95. Schumpeter, J. A. (1934). The theory of economic development: An inquiry into profits, capital, credit, interest, and the business cycle. Cambridge: Harvard University Press.Google Scholar
  96. Simsek, Z., Heavey, C., & Veiga, J. F. (2010). The impact of CEO Core self-evaluation on the Firm’s entrepreneurial orientation. Strategic Management Journal, 31(1), 110–119.CrossRefGoogle Scholar
  97. Smith, K. G., Grimm, C., Chen, M.-J., & Gannon, M. J. (1989). Predictors of response time to competitive strategic actions: Preliminary theory and evidence. Journal of Business Research, 18(3), 245–258.CrossRefGoogle Scholar
  98. Smith, K. G., Grimm, C. M., Gannon, M. J., & Chen, M.-J. (1991). Organizational information processing, competitive responses, and performance in the U.S. domestic airline industry. Academy of Management Journal, 34(1), 60–85.Google Scholar
  99. Smith, K. G., Grimm, C. M., & Gannon, M. J. (1992). Dynamics of competitive strategy. Newbury Park: Sage Publications.Google Scholar
  100. Smith, K. G., Ferrier, W. J., & Grimm, C. M. (2001a). King of the hill: Dethroning the industry leader. Academy of Management Executive, 15(2), 59–70.Google Scholar
  101. Smith, K. A., Ferrier, W. J., & Ndofor, H. (2001b). Competitive dynamics research: Critique and future directions. In M. A. Hitt, E. R. Freeman, & J. R. Harrison (Eds.), The Blackwell Handbook of strategic management (pp. 315–361). Oxford: Blackwell.Google Scholar
  102. Stam, W., & Elfring, T. (2008). Entrepreneurial orientation and new venture performance: The moderating role of intra- and extraindustry social capital. Academy of Management Journal, 51(1), 97–111.CrossRefGoogle Scholar
  103. Stopford, J. M., & Baden-Fuller, C. W. (1994). Creating corporate entrepreneurship. Strategic Management Journal, 15(7), 521–536.CrossRefGoogle Scholar
  104. Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.CrossRefGoogle Scholar
  105. Urbano, D., & Tarro, A. (2013). Conditioning facotrs for corporate entrepreneurship: An in(ex)ternal approach. International Entrepreneurship and Management Journal, 9, 379–396.CrossRefGoogle Scholar
  106. Venkatraman, N. (1989). Strategic orientation of business enterprises: The construct, dimensionality, and measurement. Management Science, 35(8), 942–962.CrossRefGoogle Scholar
  107. Vroom, V. H. (1964). Work and motivation. New York: Wiley.Google Scholar
  108. Wales, W. J. (2016). Entrepreneurial orientation: A review and synthesis of promising research directions. International Small Business Journal, 34(1), 3–15.CrossRefGoogle Scholar
  109. Wiseman, R. M., & Gomez-Mejia, L. R. (1998). A behavioral agency model of managerial risk taking. Academy of Management Review, 23(1), 133–153.CrossRefGoogle Scholar
  110. Wowak, A. J., & Hambrick, D. C. (2010). A model of person-pay interaction: How executives vary in their responses to compensation arrangements. Strategic Management Journal, 31(8), 803–821.Google Scholar
  111. Young, G., Smith, K. G., & Grimm, C. M. (1996). "Austrian" & industrial organization perspectives on firm-level competitive activity & performance. Organization Science, 7(3), 243–254.CrossRefGoogle Scholar
  112. Yu, T., & Cannella, A. A., Jr. (2005). The antecedents of competitive aggressiveness among multinational enterprises. Paper presented at the annual meetings of the academy of management, Honolulu, HI.Google Scholar
  113. Yu, T., & Cannella, A. A., Jr. (2007). Rivalry between multinational enterprises: An event history approach. Academy of Management Journal, 50(3), 663–684.CrossRefGoogle Scholar
  114. Yu, T., Subramaniam, M., & Cannella, A. A., Jr. (2009). Rivalry deterrence in international markets: Contingencies governing the mutual forbearance hypothesis. Academy of Management Journal, 52(1), 127–147.CrossRefGoogle Scholar
  115. Zahra, S. A. (1990). Increasing the board's involvement in strategy. Long Range Planning, 23(6), 109–117.CrossRefGoogle Scholar
  116. Zahra, S. A. (1991). Predictors and financial outcomes of corporate entrepreneurship: An exploratory study. Journal of Business Venturing, 6, 259–285.CrossRefGoogle Scholar
  117. Zahra, S. A. (1993). A conceptual model of entrepreneurship as firm behavior: A critique and extension. Entrepreneurship Theory and Practice, 17(4), 5–21.CrossRefGoogle Scholar
  118. Zahra, S. (1996). Governance, ownership, & corporate entrepreneurship: The moderating impact of industry technological opportunities. Academy of Management Journal, 39(6), 1713–1735.Google Scholar
  119. Zahra, S., & Covin, J. (1995). Contextual influences on the corporate entrepreneurship-performance relationships: A longitudinal analysis. Journal of Business Venturing, 10, 43–58.CrossRefGoogle Scholar
  120. Zahra, S., Neubaum, D. O., & Huse, M. (2000). Entrepreneurship in medium-size companies: Exploring the effects of ownership and governance systems. Journal of Management, 26(5), 947–976.CrossRefGoogle Scholar
  121. Zhang, Y., & Rajagopalan, N. (2003). Explaining new CEO origin: Firm versus industry antecedents. Academy of Management Journal, 46(3), 327–338.Google Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Management and MarketingSam Houston State UniversityHuntsvilleUSA
  2. 2.School of Hospitality ManagementPennsylvania State UniversityUniversity ParkUSA
  3. 3.Management DepartmentUniversity of HoustonHoustonUSA
  4. 4.Melbourne Business SchoolCarltonAustralia
  5. 5.Department of Management, W.P. Carey School of BusinessArizona State UniversityTempeUSA

Personalised recommendations