122 / 274
以實質選擇權觀點探討探索性與利用性活動對公司績效之影響：中介效果模型
122
for decades, the semiconductor industry has needed approximately 3 years to transition to
each new technological generation. Semiconductor companies usually invest significant
resources in R&D for new technologies. This R&D occurs one or two generations before the
technology commercialization.
Table 2 presents the descriptive statistics and correlation matrix for all variables. The
covariates consistently have low correlations with one another and thus there is no serious
multicollinearity problem. Prior exploration shows a high correlation with current
exploration,
r
= .68, so we demean these two variables in the following analysis.
Using a fixed-effects panel regression, we examined the influence of uncertainty on
exploration and exploitation. The results in Table 3 show that uncertainty is positively
associated with exploration. Uncertainty has an insignificant effect on exploitation.
Hypothesis 1 is supported. We ran a fixed-effects panel regression for exploitation on prior
exploration to test Hypothesis 2 (see Table 4). Model 3 reports the regression with only
control variables. Model 4 reports the full model. The results from Model 4 show that the
prior exploration effect on exploitation is positive and significant (
p
< .01). Accordingly,
Hypothesis 2 is supported.