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examines the influence of uncertainty on exploration and exploitation, and the mediating
effect of exploitation on the relationship between exploration and firm performance. This
study adopts a novel lag structure model to explicitly consider the time-lag factor in
measuring the effects of exploration on firm performance. Their study concludes that
uncertainty is positively related to exploration, and exploitation mediates the relationship
between exploration and firm performance which support the real-options perspective in
elaborating exploration, exploitation, and firm performance.
Shu- Cheng Steve Chi
David Ming- Huang Chiang
San- Lin Chung