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家族企業之興業行為：探究忠僕型經理人、開創性導向以及新產品開發之關係
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2.6 Exploration Orientation and New Product Development Performance
Developed by March (1991) and refined by Levinthal and March (1993), the
exploration-exploitation framework sheds some light on the product development process.
Prior studies argued that firms with more exploration activities can increase internal product
variety and entail new information and knowledge, which promotes innovation because
organizations can improve on what they know and solve problems in new ways (Burns and
Stalker, 1961; March, 1991; Utterback, 1994; Von Hippel, 1988). Importantly, by expanding
the knowledge pool, firms have greater odds of finding commercially valuable new
knowledge combinations and boosting their chances of launching new products (Nelson and
Winter, 1982). Supporting the above arguments, recent patent data-based findings indicate a
positive effect stemming from a greater scope of technical knowledge search on the number
of new product introductions. In view of the relevant theory and prior evidence, exploration
orientation does help firms to get more opportunities to develop new products (Katila and
Ahuja, 2002).
However, regarding the outcome of NPD, previous research indicates that exploration
as experimentation with new alternatives or combinations have results that are uncertain and
often negative. On the other hand, exploitation as the refinement and extension of existing
technologies or competencies exhibit returns that are certain, predictable and often positive
(March, 1991; Levinthal and March, 1993). Later, the positive impact of exploitation over
exploration activities is further evidenced in increased accounting returns generated by new
product launches (Bayus, Erickson, and Jacobson, 2003). In other words, exploration
activities might not contribute to NPD performance because the risk is higher and payoffs are
indirect (March, 1991).
However, due to the unique attributes of family firms, we suggest that explorative
activities will have direct and positive effects on NPD performance. The ownership-
management involvement in family business improves the understanding of the competitive
challenges and opportunities facing the company (Aldrich and Cliff, 2003; Olson, Zuiker,
Danes, Stafford, Heck, and Duncan, 2003). The overlap of ownership and management
enables the family firm to explore various alternatives, discuss the risks associated with these
options, and decide how to best execute the chosen strategy more effectively (Carney, 2005).
Furthermore, family management can strengthen a firm's capacity to share knowledge and
potentially enhance their positive benefits (Zahra, Neubaum, and Larraneta, 2007). Namely,
knowledge can be effectively shared throughout the whole explorative process, thereby
contributing to the outcome of NPD. Therefore, under the family business context, we would