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stagnant. By combining the knowledge of managers with the unique perspectives of the
board of directors, explorative activities should be facilitated.
Hypothesis 1b: The more participative governance of managers, the more likely the
firm becomes exploration-oriented.
2.5 Long-Term Orientation and Exploration Orientation
Long-term orientation is a key component of the stewardship perspective (Davis et al.,
1997; Miller et al., 2008) and may explain why some managers of family business are more
likely to invest in exploration activities than exploitation activities. According to the family
business literature, family firms are generally more long-term oriented than non-family firms
(Anderson and Reeb, 2003; Gómez-Mejía et al., 2007; Kellermanns, Eddleston, Barnett, and
Pearson, 2008). However, long-term orientation varies among family firms. Some key
characteristics, such as culture or organization cohesion, may promote the long-term
orientation of a family firm, and may also make them conservative (Sharma, Chrisman, and
Chua, 1997) and adverse to change (Hall et al., 2001). Therefore, whether managers are
committed to the mission and long-term success of their businesses becomes a crucial factor
to determine firms’ involvement in corporate entrepreneurial activities.
Stewardship-oriented managers are expected to put aside the pursuit of short-term gains
for the long-term well-being of the firm; i.e., they would take a longer time horizon with
respect to product development and allow family firms to dedicate the resources required for
innovation and risk taking (Zahra, Hayton, and Salvato, 2004). Miller and Le Breton-Miller
(2006) argue that stewardship over the longevity of the family firm can enhance research and
development, the development of new product offerings and the pursuit of new markets.
A prior study posits that exploitation generates clearer, earlier and closer feedback than
exploration does (March, 1991). Exploitative activities focus on narrower, localized and
in-depth search, provide quicker feedback, correct themselves sooner, and yield more
positive returns in the near term (Mom, Van Den Bosch, and Volberda, 2007). In contrast,
explorative activities result from a relatively broad and generalized search to expand the
firm’s knowledge domains into unfamiliar or novel areas; these are more risky and pay off
only in the long run. Since managers with greater stewardship orientation would take a
longer time horizon with respect to products and markets, they are more likely to engage in
explorative activities. This suggests the following:
Hypothesis 1c: The more long-term orientation of managers, the more likely the firm
becomes exploration-oriented.