International Entrepreneurship and Management Journal

, Volume 15, Issue 3, pp 1017–1039 | Cite as

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


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.


Behavioral agency Corporate entrepreneurship Competitive behavior Incentive alignment 



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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

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