The Real Options Perspective on Exploration, Exploitation, and Firm Performance: Test of a Mediation Model

以實質選擇權觀點探討探索性與利用性活動對公司績效之影響：中介效果模型

10.6226/NTUMR.2017.FEB.A102-059

趙雨潔(Yu-Chieh Chao)；鄭鈞云(Chun-Yun Cheng)；湯明哲(Ming-Je Tang)；黃逸平(Yi-Ping Huang)

exploration ； exploitation ； real options perspective ； firm performance ； 探索性 ； 利用性 ； 實質選擇權 ； 公司績效

臺大管理論叢

27卷3期（2017 / 09 / 01）

109 - 135

英文

Theoretical debate on how firms can balance exploration and exploitation activities to achieve better performance remains inconclusive, and very few empirical studies offer guidance on how to delineate contradictory theoretical debates. We adopted a real option perspective in viewing exploration as creating real options and exploitation as executing those options. In the face of uncertainty, holding real options can bring firms future opportunities but may not lead to superior performance. Firm performance can be enhanced only if firms execute these real options. Using 25 years of data on semiconductor firms in the United States, this study examines the influence of uncertainty on exploration and exploitation and the mediating effect of exploitation on the relationship between exploration and firm performance. This study adopts a novel lag structure model to explicitly consider the time-lag factor in measuring the effects of exploration on firm performance. This study finds that (1) uncertainty is positively related to exploration; (2) exploitation mediates the relationship between exploration and firm performance. The results support the real-options perspective in elaborating exploration, exploitation, and firm performance.

過去文獻認為公司必須平衡探索性與利用性活動以達到最佳績效，然而對於如何「平衡」這兩類本質上存在矛盾關係之活動仍未有定論。截至目前為止，探討探索性、利用性活動與公司績效關係之實證研究仍十分稀少。本研究採用實質選擇權觀點，論述當公司面對不確定的環境時，探索性活動可視為替公司創造實質選擇權，而利用性活動則視為執行實質選擇權。實質選擇權帶給公司探索未來的機會，但未必會對公司績效有直接且正面的影響。惟有當執行實質選擇權時，才能將機會轉化為實質效益，提升公司績效。本研究以美國半導體公司25 年的實證資料，檢視不確定性對利用性與探索性活動之影響，並探討利用性活動對於探索性活動與公司績效的中介效果。本研究採用創新的延遲結構 (Lag Structure) 模型，以在衡量探索性活動對公司績效之影響時，將時間延遲因素納入模型中考量。本研究發現：(1) 不確定性對探索性活動具正向顯著影響；(2) 利用性活動對於探索性活動與公司績效存在完全中介效果。此實證結果支持以實質選擇權觀點論述探索性與利用性活動對公司績效之影響。

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