Exploration and firms’ innovative performance - How does this relationship work?

Abstract Purpose: The main purpose of this paper is to analyze (1) the relationship between a firm’s exploration strategy and its innovative performance, and (2) whether its absorptive capacity (AC) moderates this relationship. Design/methodology/approach: We adopted an econometric approach, using secondary data. We synchronized two databases - Compustat and USPTO -, from which we extracted common data concerning 275 biopharmaceutical firms for the period between 1990 and 2003. We used negative binomial regression to analyze data. Findings: The exploration strategy positively influences firms’ innovative performance. However, excessive emphasis on this strategy can diminish its benefits. Moreover, a firm’s AC will not positively moderate the curvilinear relationship between exploration and the firm’s innovative performance in all contexts, contradicting our theoretical predictions. This is due to the existence of trade-offs between AC characteristics and other organizational factors. Originality/value: This paper extends the understanding of Open Innovation and AC theories. Our results suggest that AC cannot be understood as a one-dimensional and autonomous capacity located exclusively in R&D departments. Aspects such as financial power, the business model and the different dimensions of AC and their respective locations in the firm’s value chain should be considered whenever the influence of AC on exploration strategies is analyzed.

摘要 研究目的：本文的核心研究目标为分析两项内容：其一，企业探索式战略与其创新绩效之间的关联；其二，企业的吸收能力（Absorptive Capacity，AC）是否会对该关联起到调节作用。
设计/研究方法/研究路径：本文采用计量经济学研究范式，基于二手数据开展研究。我们整合了Compustat数据库与美国专利商标局（USPTO）两大数据源，从中提取了1990年至2003年间共计275家生物制药企业的相关公共数据，并运用负二项回归模型对数据进行实证分析。
研究结果：探索式战略对企业创新绩效具有显著正向影响，但过度侧重该战略反而会削弱其收益。此外，企业的吸收能力并非在所有情境下均能正向调节探索式战略与创新绩效间的曲线关系，这与我们的理论预测相悖，其根源在于吸收能力特征与其他组织因素间存在权衡取舍。
研究创新性与学术价值：本文拓展了开放式创新与吸收能力理论的研究认知。研究结果表明，不应将吸收能力视为单一维度且仅局限于研发部门的独立能力。在分析吸收能力对探索式战略的影响时，需纳入财务实力、商业模式以及吸收能力的不同维度及其在企业价值链中的具体分布等多方面因素进行综合考量。