The perception of academic researchers on management instruments has generated significant controversy in the literature. Studies have highlighted that these perceptions affect research performance more than management itself. This work addresses this issue by proposing a subjective measurement that explains research incentives in a public university. The study was conducted using a mixed-methodology approach. To initially identify the research incentives, a Delphi study was developed through the inclusion of 62 experts. Based on the Delphi results, to contrast the internal composition of the research incentive system, 259 academic researchers from a Spanish university were subjected to an exploratory factor analysis. The results revealed four potential incentives that were perceived by the researchers. The analysis of these factors contributes to the debate about the way in which academic managers can promote the design of effective incentives that could be assumed and accepted by researchers.