研究実績の概要 |
This study investigates how firms make boundedly rational decisions in response to above-aspiration performance when configuring exploration and exploitation in an alliance portfolio. We employ behavioral heuristics to explore the role of above-aspiration performance and the influence of a CEO’s overconfidence. We also argue that the role of overconfidence is influenced by environmental factors. Three hypotheses are tested using a sample of U.S. high technology firms during 1992-2015. Results establish that above-aspiration performance motivates firms to engage in exploration rather than exploitation alliances, and a CEO’s overconfidence strengthens this relationship. The moderating effect of overconfidence decreases with environmental munificence and dynamism.
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