Strategic Consistency of Exploration and Exploitation in Family Businesses

Todd W. Moss · G. Tyge Payne · Curt B. Moore

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Family Business Performance and Succession Entrepreneurship Studies and Influences Innovation and Knowledge Management

Abstract

This study advances family business research by examining how the strategic consistency with which family businesses pursue exploration and exploitation initiatives affects performance. Using panel data of 94 family businesses operating in four high-tech industries over 12 years, we find that higher strategic consistency—continuity with past exploration and exploitation strategies stemming from managerial intentionality—yields higher levels of performance. This relationship is also moderated by environmental dynamism, munificence, and organizational size, which demonstrates the contingent and complex nature of the main relationship. Furthermore, in contrast to 113 nonfamily businesses, we find that the main relationship is stronger for family businesses.

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References

1990Absorptive Capacity: A New Perspective on Learning and Innovation 1997Dynamic capabilities and strategic management 1984Content Analysis: An Introduction to its Methodology.1991Exploration and Exploitation in Organizational Learning 1980Competitive Strategy: Techniques for Analyzing Industries and Competitors 2011External Control of Organizations: Resource Dependence Perspective 1995The Theory of the Growth of the Firm 1989Agency Theory: An Assessment and Review

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2015Empirics in Family Business Research 2017Exploratory and exploitative innovation in family businesses: the moderating role of the family firm image and family involvement in top management 2018A Dynamic Network Model of the Successor’s Knowledge Construction From the Resource- and Knowledge-Based View of the Family Firm 2016Attention, Action, and Greenwash in Family-Influenced Firms? Evidence From Polluting Industries 2013Temporal Dimensions of Family Enterprise Research

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