KNOWING WHEN TO LEAP: TRANSITIONING BETWEEN EXPLOITATIVE AND EXPLORATIVE R&D

• 成果类型: Review
• 署名作者: Mudambi, Ram; Swift, Tim
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Saint Joseph's University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2097
• 发表日期: 2014
• 页码: 126-145
• 关键词: R&D expenditure volatility; proactive R&D management; exploitation; exploration; PUNCTUATED EQUILIBRIUM

摘要

A common perspective is that consistent R&D investment facilitates innovation, while volatile spending implies myopic decision making. However, the benefits to exploiting extant competencies eventually erode, so firms must disrupt their R&D function and explore for new competitive advantage. We suggest that high-performing firms recognize when extant competencies decline and increase exploratory R&D to develop new competencies at the appropriate time. We find that changes in R&D expenditure away from the firm's historic trend, in either direction, are indicative of transitions between exploitative and exploratory R&D and are associated with increased firm performance. Increases in R&D expenditure above the trend are associated with an increased likelihood of highly cited patents, suggesting that firms are making the leap between R&D-based exploitation and exploration. Copyright (c) 2013 John Wiley & Sons, Ltd.