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

Carla D. Jones, Phillip M. Jolly, Connor J. Lubojacky, Geoffrey P. Martin, Luis Gomez-Mejia

Research output: Contribution to journalArticlepeer-review

6 Scopus citations


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.

Original languageEnglish (US)
Pages (from-to)1017-1039
Number of pages23
JournalInternational Entrepreneurship and Management Journal
Issue number3
StatePublished - Sep 15 2019


  • Behavioral agency
  • Competitive behavior
  • Corporate entrepreneurship
  • Incentive alignment

ASJC Scopus subject areas

  • Management Information Systems
  • Management of Technology and Innovation


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