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Exploration, exploitation and innovation performance: Disentangling environmental dynamism

Pilar Bernal (), Juan P. Maicas () and Pilar Vargas ()
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Pilar Bernal: University of Zaragoza
Juan P. Maicas: University of Zaragoza
Pilar Vargas: University of La Rioja

Documentos de Trabajo from Facultad de Ciencias Económicas y Empresariales, Universidad de Zaragoza

Abstract: Environmental dynamism has recently attracted the attention of scholars studying the relationships between exploration and exploitation strategies and innovation performance. Surprisingly, although extant research has already acknowledged its multidimensional character, it has only been analyzed in an aggregate fashion. In this paper, we distinguish two components of environmental dynamism, the pace of market evolution and the pace of technology evolution, and we elaborate on their different impacts in the context of exploration and exploitation strategies. More precisely, we argue that while a rapid pace of technology evolution has opposite impacts on the relationships between exploration (positive), exploitation (negative) and innovation performance, a rapid pace of market evolution positively affects both exploration and exploitation. Our findings provide substantial support for our prediction using a large panel of Spanish innovating firms for the period 2008-2012.

Keywords: Exploration; Exploitation; Environment; Technology, Market (search for similar items in EconPapers)
JEL-codes: O31 O32 O33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cse, nep-eur, nep-ino, nep-sbm and nep-tid
Date: 2016-03
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Persistent link: http://EconPapers.repec.org/RePEc:zar:wpaper:dt2016-03

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