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determinants of stewardship orientation that shifts from finding the drivers of exploration
and exploitation individually to studying their joint impact. Furthermore, it would also be
useful to extend our study by incorporating technological opportunity into consideration. For
example, the dynamism of an external environment may determine managers’ decision to
initiate explorative and exploitive activities compared to a more static environment. While
innovation literature has often referred to the fit between environmental niches and firm
actions, to date, researchers have mostly remained silent on the moderating role of industry
conditions on their associations. It is likely that the inclusion of additional environmental
dimensions in future work would reveal a more complex picture.