Exploration versus Exploitation? A Boundedly Rational Decision on Alliance Portfolio Configurations

这项研究调查了当企业在联盟投资组合中配置勘探和开采时，企业如何做出有限理性的决策，以响应超过期望的业绩。我们使用行为启发式方法来探索超乎期望的业绩的作用以及CEO过度自信的影响。我们还认为，过度自信的作用受到环境因素的影响。本文使用1992-2015年间美国高科技公司的样本对三个假设进行了检验。结果表明，高于预期的业绩激励公司从事勘探而不是开发联盟，而CEO的过度自信加强了这种关系。过度自信的调节作用随着环境的慷慨程度和活力的增加而减弱。

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.