GOVERNANCE, OWNERSHIP, AND CORPORATE ENTREPRENEURSHIP - THE MODERATING IMPACT OF INDUSTRY TECHNOLOGICAL OPPORTUNITIES

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