Governance, ownership, and corporate entrepreneurship: The moderating impact of industry technological opportunities

• 成果类型: Article
• 署名作者: Zahra, SA
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/257076
• 发表日期: 1996
• 页码: 1713-1735
• 关键词: research-and-development; financial performance; INSTITUTIONAL OWNERSHIP; strategy; DIRECTORS; boards; FIRMS; MODEL; PERSPECTIVES; involvement

摘要

Corporate entrepreneurship is important for organizational survival, profitability, growth, and renewal, Data ham 127 Fortune 500 companies show that executive stock ownership and long-term institutional ownership are positively associated with such entrepreneurship. Conversely, short-term institutional ownership is negatively associated with it, as is a high ratio of outside directors on a company's board. Outside directors' stack ownership somewhat mitigates the latter negative association. Outsiders, including stock owners, might lead companies away ham internal product development, the traditional route to corporate entrepreneurship. Finally, an industry's technological opportunities moderate the associations observed between corporate governance and ownership variables and corporate entrepreneurship.