Entrepreneurship in medium-size companies: exploring the effects of ownership and governance systems
研究了231家中型制造企业的数据，发现高管持股、董事长与CEO分离、董事会规模适中以及外部董事持股能促进公司创业活动，且公司创业与未来绩效正相关。
Corporate entrepreneurship (CE), which embodies a company’s innovation and venturing activities, is necessary in today’s competitive markets. CE is important for organizational renewal, the creation of new business, and improved performance. CE, however, requires strong and continued support from the company’s top executives. Data from 231 medium-size manufacturing companies show that commitment to CE is high when: (1) executives own stock in their company; (2) the board chair and the chief executive officer are different individuals; (3) the board is medium in size; and, (4) outside directors own stock in the company. The relationships between the ratio of outside directors and CE, and institutional ownership and CE, are mixed. CE is also positively associated with future company performance.