Dressaging the riding school manager: corporate entrepreneurship through governance of managers in non-profit associations

A theory based on property rights, predicting relationships between corporate governance mechanisms and corporate entrepreneurship, is developed in order to   explain  the   entrepreneurial  propensity  of   democratic  member-based associations. The theory is tested on riding school associations. The findings indicate that the risk attitude of an association is influenced by the size of the market for  managerial labour and the methods used in order to develop the manager of the organisation.