GOVERANCE, OWNERSHIP, AND CORPORATE ENTREPRENEURSHlP: THE MODERATING IMPACT OF INDUSTRY TECHNOLOGICAL OPPORTUNITIES.
基于127家财富500强公司数据，研究发现高管持股和长期机构持股促进公司创业，而短期机构持股和外部董事比例高则抑制；外部董事持股可缓解部分负面效应，且行业技术机会调节这些关系。
Corporate entrepreneurship is important for organizational survival, profitability, growth, and renewal. Data from 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' stock ownership somewhat mitigates the latter negative association. Outsiders, including stock owners, might lead companies away from 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.