{"title":"企业失败与探索/开发困境:企业生命周期的作用","authors":"Mehrsa Ehsani, Oleksiy Osiyevskyy","doi":"10.1016/j.lrp.2023.102307","DOIUrl":null,"url":null,"abstract":"<div><p>The survival and prosperity of firms are contingent on their ability to constantly adjust to the state and dynamics of their environments by swiftly embracing the right combination of generic exploration and exploitation strategies. We propose a novel theoretical model linking the pursuit of exploration and exploitation approaches with firm failure in the medium term, stressing the role of the firm life cycle that substantively shapes the underlying relationships. The model is empirically tested using the firm-level data from a large panel dataset from 1988 to 2019 across multiple industries, revealing the moderating impact of the five stages of the firm life cycle (and the transition period between them) on the relation between exploration/exploitation strategies and the likelihood of firm failure. The findings indicate that exploration has a significant negative impact on the likelihood of firm failure during the growth, maturity, and transition stages; however, it significantly increases the likelihood of firm failure in the introduction, shakeout, and decline stages. Exploitation, on the other hand, has a significant negative impact on the likelihood of firm failure in the introduction and maturity stages yet amplifies the probability of failure in the transition phase.</p></div>","PeriodicalId":18141,"journal":{"name":"Long Range Planning","volume":null,"pages":null},"PeriodicalIF":7.4000,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Firm failure and the exploration/exploitation dilemma: The role of firm life cycle\",\"authors\":\"Mehrsa Ehsani, Oleksiy Osiyevskyy\",\"doi\":\"10.1016/j.lrp.2023.102307\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>The survival and prosperity of firms are contingent on their ability to constantly adjust to the state and dynamics of their environments by swiftly embracing the right combination of generic exploration and exploitation strategies. We propose a novel theoretical model linking the pursuit of exploration and exploitation approaches with firm failure in the medium term, stressing the role of the firm life cycle that substantively shapes the underlying relationships. The model is empirically tested using the firm-level data from a large panel dataset from 1988 to 2019 across multiple industries, revealing the moderating impact of the five stages of the firm life cycle (and the transition period between them) on the relation between exploration/exploitation strategies and the likelihood of firm failure. The findings indicate that exploration has a significant negative impact on the likelihood of firm failure during the growth, maturity, and transition stages; however, it significantly increases the likelihood of firm failure in the introduction, shakeout, and decline stages. Exploitation, on the other hand, has a significant negative impact on the likelihood of firm failure in the introduction and maturity stages yet amplifies the probability of failure in the transition phase.</p></div>\",\"PeriodicalId\":18141,\"journal\":{\"name\":\"Long Range Planning\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2023-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Long Range Planning\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0024630123000146\",\"RegionNum\":2,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Long Range Planning","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0024630123000146","RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
Firm failure and the exploration/exploitation dilemma: The role of firm life cycle
The survival and prosperity of firms are contingent on their ability to constantly adjust to the state and dynamics of their environments by swiftly embracing the right combination of generic exploration and exploitation strategies. We propose a novel theoretical model linking the pursuit of exploration and exploitation approaches with firm failure in the medium term, stressing the role of the firm life cycle that substantively shapes the underlying relationships. The model is empirically tested using the firm-level data from a large panel dataset from 1988 to 2019 across multiple industries, revealing the moderating impact of the five stages of the firm life cycle (and the transition period between them) on the relation between exploration/exploitation strategies and the likelihood of firm failure. The findings indicate that exploration has a significant negative impact on the likelihood of firm failure during the growth, maturity, and transition stages; however, it significantly increases the likelihood of firm failure in the introduction, shakeout, and decline stages. Exploitation, on the other hand, has a significant negative impact on the likelihood of firm failure in the introduction and maturity stages yet amplifies the probability of failure in the transition phase.
期刊介绍:
Long Range Planning (LRP) is an internationally renowned journal specializing in the field of strategic management. Since its establishment in 1968, the journal has consistently published original research, garnering a strong reputation among academics. LRP actively encourages the submission of articles that involve empirical research and theoretical perspectives, including studies that provide critical assessments and analysis of the current state of knowledge in crucial strategic areas. The primary user base of LRP primarily comprises individuals from academic backgrounds, with the journal playing a dual role within this community. Firstly, it serves as a platform for the dissemination of research findings among academic researchers. Secondly, it serves as a channel for the transmission of ideas that can be effectively utilized in educational settings. The articles published in LRP cater to a diverse audience, including practicing managers and students in professional programs. While some articles may focus on practical applications, others may primarily target academic researchers. LRP adopts an inclusive approach to empirical research, accepting studies that draw on various methodologies such as primary survey data, archival data, case studies, and recognized approaches to data collection.