The Dynamics of Multimarket Competition in Exploration and Exploitation Activities
研究了多市场接触对企业进入和退出行为的影响，发现开发活动中企业追求相互容忍，而探索活动中企业则通过模仿来减少不确定性，且探索中的多市场接触会引发开发中的竞争行为。
Prior studies of multimarket contact have investigated “exploitation” rather than “exploration” activities. We contrast effects of multimarket contact on entry and exit dynamics in these two settings and propose that, although in exploitation, firms seek to optimize multimarket contact based on mutual forbearance benefits, in exploration, firms instead seek to reduce uncertainties through mimetic entry and exit. Analyses of biopharmaceutical firms' competitive dynamics from 1989 to 1999 support our model. We also find that multimarket contact in exploration leads to competitive entry and exit in exploitation, but not vice versa. We discuss implications for theory and practice.