Exploration and Firm Performance: The Moderating Impact of Competitive Strategy
研究了竞争战略（差异化与成本领先）如何调节探索活动与企业绩效的关系，发现差异化战略正向调节、成本领先战略负向调节，且在高竞争环境下调节作用更强。
In this study we examine the moderating effect of competitive strategy (including differentiation and cost‐leadership strategies) on the relationship between exploration and firm performance. We find that the moderating effect of differentiation strategy is positive while that of cost‐leadership strategy is negative. And, these moderating effects are stronger in a highly competitive context. This study offers an explanation for previous mixed findings on the linkage of exploration to firm performance and enriches the discipline's knowledge regarding the performance implications of exploration. Moreover, we respond directly to the appeal in research on competitive strategy to clarify the role played by competitive strategy in profiting from exploration.