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CEO entrepreneurial orientation, entrenchment, and firm value creation


Keil, Thomas; Maula, Markku; Syrigos, Evangelos (2017). CEO entrepreneurial orientation, entrenchment, and firm value creation. Entrepreneurship Theory and Practice, 41(4):475-504.

Abstract

We investigate how CEO entrepreneurial orientation affects firm value creation and how this relationship is moderated by three sources of CEO entrenchment. We conducted a longitudinal analysis of S&P 500 firms between 1999 and 2007, and, in line with our predictions, we found that CEO entrepreneurial orientation enhances firm value creation and that this positive effect is reduced when CEOs are entrenched (1) due to corporate governance provisions that protect them from the majority will of shareholders, (2) due to substantial ownership that provides them too much decision–making power, and (3) because their family has substantial holdings in the corporation.

Abstract

We investigate how CEO entrepreneurial orientation affects firm value creation and how this relationship is moderated by three sources of CEO entrenchment. We conducted a longitudinal analysis of S&P 500 firms between 1999 and 2007, and, in line with our predictions, we found that CEO entrepreneurial orientation enhances firm value creation and that this positive effect is reduced when CEOs are entrenched (1) due to corporate governance provisions that protect them from the majority will of shareholders, (2) due to substantial ownership that provides them too much decision–making power, and (3) because their family has substantial holdings in the corporation.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Business Administration
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Business and International Management
Social Sciences & Humanities > Economics and Econometrics
Language:English
Date:1 July 2017
Deposited On:22 Aug 2019 13:28
Last Modified:28 Jul 2020 14:12
Publisher:Wiley-Blackwell Publishing, Inc.
ISSN:1042-2587
OA Status:Closed
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1111/etap.12213
Other Identification Number:merlin-id:12983

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