Factors affecting the effect of exploitation and exploration on performance: A meta-analysis

Ma ín-Idá aga, Diego A mando; Hu ado González, José Manuel; Cabello Medina, Ca men A icle Fac o s a ec ing he e ec o exploi a ion and explo a ion on pe o mance: A me a-analysis BRQ Business Resea ch Qua e ly P o ided in Coope a ion wi h: Asociación Cien í ica de Economía y Di ección de Emp esas (ACEDE), Mad id Sugges ed Ci a ion: Ma ín-Idá aga, Diego A mando; Hu ado González, José Manuel; Cabello Medina, Ca men (2022) : Fac o s a ec ing he e ec o exploi a ion and explo a ion on pe o mance: A me a-analysis, BRQ Business Resea ch Qua e ly, ISSN 2340-9444, Sage Publishing, London, Vol. 25, Iss. 4, pp. 312-336, h ps://doi.o g/10.1177/2340944420972707 This Ve sion is a ailable a : h ps://hdl.handle.ne /10419/327005 S anda d-Nu zungsbedingungen: Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen Zwecken und zum P i a geb auch gespeiche und kopie we den. 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In oduc ion The concep s o exploi a ion and explo a ion p oposed by Ma ch (1991) ha e become a e e en ial amewo k o explain o ganiza ional pe o mance (e.g., Belde bos e al., 2010; Bie ly & Daly, 2007; Hsu e al., 2013; Ma ín- Idá aga e al., 2016; Ojha e al., 2018; Yuen e al., 2019). Whe eas exploi a ion is he e inemen o cu en compe- encies by means o “choice, p oduc ion, e iciency, selec- ion, implemen a ion and execu ion,” explo a ion implies expe imen ing wi h new al e na i es, which in ol es “sea ch, a ia ion, isks aking, expe imen a ion, lexibil- i y and disco e y” (Ma ch, 1991, p. 71). As exploi a ion and explo a ion compe e o sca ce esou ces, i ms ha e o make explici o implici choices be ween one o he o he (Li & Wang, 2019; Ma ch, 1991). As a esul , some schola s s a e ha exploi a ion and explo a ion, as well as he p ac ices, p ocesses, and o ms ha suppo hem, end o be incompa ible and mu ually exclusi e, in line wi h he pa adox o s abili y and change adi ionally add essed in adminis a ion esea ch (Fa joun, 2010). F om his iew, i ms may all o some so o myopia when hey mus sac i ice he sho e m o he long e m o ice e sa ega ding he expec ed bene i s. These decisions imply ha exploi a ion and explo a ion ep esen subs i u e s a egies and en ail in e sely co e- la ed associa ions, which indica es ha he mo e exploi a- ion he e is, he less explo a ion, and ice e sa (Bie ly & Fac o s a ec ing he e ec o exploi a ion and explo a ion on pe o mance: A me a-analysis Diego A mando Ma ín-Idá aga1, José Manuel Hu ado González2 and Ca men Cabello Medina2 Abs ac F om a con ingency iew, we aim o con ibu e o a be e unde s anding o how exploi a ion and explo a ion in luence pe o mance. By conduc ing a me a-analysis, we aim o answe he ollowing esea ch ques ion: How do subs an i e mode a o s (slack esou ces, o ganiza ional s uc u e, in e -o ganiza ional ela ionships, compe i i e in ensi y, and en i onmen al dynamism), ex insic mode a o s ( egion, size, and sec o ) and me hodological mode a o s (da a sou ces and pe o mance measu emen ) a ec he impac o exploi a ion and explo a ion on pe o mance? The esul s o he me a-analysis, including 328 co ela ions, 102 s udies, and a sample o 41,298 cases, sugges ha he in luence o exploi a ion and explo a ion on pe o mance depends on he p esence o he mode a ing ac o s included in ou analysis. Fu he mo e, some o hese ac o s a e ele an o explaining a be e pe o mance o exploi a ion e sus explo a ion, while o he mode a o s do no de e mine a di e en e ec o exploi a ion and explo a ion on pe o mance. JEL CLASSIFICATION M10; M19; O3 Keywo ds Exploi a ion, explo a ion, pe o mance, mode a ing ac o s, me a-analysis 1 Academic A ea o Managemen , Facul y o Economic-Adminis a i e Sciences, Jo ge Tadeo Lozano Uni e si y, Bogo a, Colombia 2 Depa men o Managemen and Ma ke ing, Pablo de Ola ide Uni e si y, Se ille, Spain Co esponding au ho : José Manuel Hu ado González, Depa men o Managemen and Ma ke ing, Facul y o Business S udies, Pablo de Ola ide Uni e si y, C a. de U e a, km1, ES-41013 Se ille, Spain. Email: [email p o ec ed] 972707BRQ0010.1177/2340944420972707Business Resea ch Qua e lyMa ín-Idá aga e al. esea ch-a icle2020 Regula Pape Ma ín-Idá aga e al. 313 Daly, 2007; Li e al., 2010), whe e he p i ilege owa d one p oduces a neglec o he o he (Adle e al., 2009; Le in hal & Ma ch, 1993; Tu ne e al., 2013). The pe spec i es ha analyze and es ablish explo a ion and exploi a ion compe encies as con a y o subs i u es, igno e he alue o o ganiza ional lea ning and he syne - gies ha knowledge p oduces on pe o mance (Bie ly & Daly, 2007). The e o e, as an al e na i e o he op ics o he exchanges be ween exploi a ion and explo a ion, an ex ensi e line o esea ch eme ges ha has shown he complemen a y na u e be ween hem (Kno , 2002). The s udies in his line o esea ch p opose he hesis o he complemen a y balance be ween exploi a ion and explo a- ion as a condi ion ei he o simul anei y (ambidex e i y) o o sepa a ion in he o m o a successi e cycle, whe e acco ding o en i onmen al and o ganiza ional ci cum- s ances, bo h logics can coexis o be al e na ing and ecu - si e in he sea ch o imp o e o ganiza ional pe o mance (Gilsing & Noo eboom, 2006; Lewin e al., 1999; Piao, 2014). These opposi e iews abou how exploi a ion and explo a ion mus be managed (sepa a ely o simul ane- ously) ha e unde mined he cla i y conce ning he in lu- ence o each o hem on o ganiza ional pe o mance. Con e sely, some esea che s ha e ques ioned hese assump ions and a gue ha exploi a ion and explo a ion may be complemen a y compe ences and ha hei bal- ance may d i e a g ea e o ganiza ional pe o mance (e.g., Cen obelli e al., 2019; Gibson & Bi kinshaw, 2004; Jansen e al., 2012; Junni e al., 2013; Kauppila, 2010; Luge e al., 2018; Simsek e al., 2009; Solís-Molina e al., 2018). Ano he eason may ha e con ibu ed o his lack o an accu a e pic u e o how exploi a ion and explo a ion could imp o e pe o mance. As Benne and Tushman (2003) and Auh and Menguc (2005) ha e claimed, a con ingency app oach is being ex ensi ely applied in he esea ch on o ganiza ional lea ning in an a emp o unde s and unde which condi ions exploi a ion and explo a ion ha e a g ea e e ec on pe o mance. As mani es ed by He and Wong (2004), “s udies ha e shown ha explo a ion and exploi a- ion equi e subs an ially di e en s uc u es, p ocesses, s a egies, capabili ies, and cul u es o pu sue and may ha e di e en impac s on i m adap a ion and pe o mance” (p. 481). Consequen ly, a conside able numbe o mode a ing a iables ha e been b ough o s udy his phenomenon, bo h e e ing o indus y-le el ac o s and i m-speci ic mode a- o s (Hei a i e al., 2017; Li & Wang, 2019; Muelle e al., 2013; Pe usa-O ega & Molina-Azo ín, 2018). This, oge he wi h he a ie y o me hods used, he geog aphical con ex s, and he indus ies analyzed, has mean ha a e almos h ee decades since he p oposal o James Ma ch, esea ch on exploi a ion and explo a ion has no ye de e - mined which o hem, unde a numbe o in e nal and con- ex ual ac o s, may ha e a bigge impac on pe o mance. Al hough some me a-analy ical s udies in he ield ha e shown he mode a ing e ec o di e en a iables (Fou né e al., 2019; Muelle e al., 2013), he e a e s ill o he unan- alyzed condi ions and a iables ha can help o be e unde s and he e ec o explo a ion and exploi a ion on pe o mance. In line wi h hose discussed by Guisado-González e al. (2019), who iden i ied esea ch ha has no ye shown conclusi e esul s (exploi a ion and explo a ion as com- plemen a y, subs i u e, and independen ), we conclude ha i is no ye clea how pe o mance beha es in he p esence o exploi a ion and explo a ion, since we conside ha he e a e a ious condi ions ha a ec he decisions o i s subs i u abili y o complemen a i y. E en among schola s who ecognize hem as complemen a y, i is no ye clea whe he hey balance cyclically–al e na ely o simul ane- ously. The e o e, ega ding pe o mance, we obse e ha he impac i ecei es om exploi a ion and explo a ion changes in he p esence o di e en con ingency ac o s ha mode a e he ela ionship. Pe o mance he e is unde - s ood as o ganiza ional e ec i eness in e ms o inancial esul s (ROE, ROA, and ROS) and ma ke esul s (sales g ow h a io, ma ke sha e, and Tobin’s Q), e alua ed bo h objec i ely and subjec i ely (Venka aman & Ramanujam, 1986, 1987). The p e ious e iew cons i u es he gap ha inspi ed ou s udy, ca ied ou h ough a me a-analysis ha is an ideal echnique o cla i y di e gences o con o e sies in a pa icula heo e ical ield (Bo ens ein e al., 2009; Ca d, 2011). The e o e, we pose he ollowing esea ch ques ion: How do di e en mode a o s a ec he impac ha exploi- a ion and explo a ion ha e on pe o mance? In a me a- analysis, di e en ypes o mode a o s can be iden i ied: subs an i e, ex insic, and me hodological (Bo ens ein e al., 2009; Lipsey & Wilson, 2001). Gi en ha he answe o he ques ion equi es a con ingency, mo e han a uni e - salis ic app oach, we p opose he analysis o subs an i e mode a o s (slack esou ces, o ganiza ional s uc u e, in e -o ganiza ional ela ionships, compe i i e in ensi y, and en i onmen al dynamism), ex insic mode a o s ( egion, size, and sec o ) and me hodological mode a o s (da a sou ces and pe o mance measu emen ). Fu he mo e, we sepa a ely analyze he e ec o each mode a ing ac o on he ela ionship be ween exploi a ion and pe o mance and be ween explo a ion and pe o mance, since he com- plemen a y in eg a ion (al e na ing o ambidex ous) does no allow o iden i y hese e ec s independen ly, which is he main objec i e o his s udy. In his way, ou esea ch aims o p o ide a comp e- hensi e iew o he indings om he o ganiza ional adap a ion heo y and imp o es he unde s anding o how exploi a ion and explo a ion in luence pe o - mance.1 Ou me a-analysis has an impo an con ibu- ion: i shows ha o imp o e pe o mance, decisions ega ding in es men in exploi a i e and explo a o y 314 Business Resea ch Qua e ly 25(4) ac i i ies a e in luenced by di e en con ingency ac- o s, so ha slack and en i onmen al dynamism can a o applica ion balanced on exploi a ion and explo a- ion, ins ead o he ype o o ganiza ional s uc u e and in e -o ganiza ional ela ionships leading o p i ilege he subs i u abili y be ween exploi a ion and explo a- ion. Fu he mo e, when compe i i e in ensi y inc eases, companies dec ease hei exploi a i e and explo a o y ac i i ies. Likewise, an addi ional con ibu ion o ou me a-analysis is ha i demons a es ha he egion whe e a s udy is ca ied ou , he size o he companies, he echnology sec o , and he ways in which he da a a e ob ained and pe o mance is measu ed, a ec he in lu- ence ha exploi a ion and explo a ion ha e on pe o - mance, such ha he e ec is s onge in s udies ca ied ou in he Wes , in la ge companies in he high- ech sec- o , and in he measu emen o a iables by su eys. The a icle is di ided in o se en sec ions. In he second sec ion, we add ess he heo e ical app oach o he con- cep s o exploi a ion and explo a ion. In he hi d sec ion, we p opose ou hypo heses ela ed o he mode a o a i- ables ha could explain he di e en e ec s on pe o - mance. In he ou h sec ion, he me a-analysis and he me hod de eloped a e explained. The esul s a e desc ibed in he i h sec ion. In he six h sec ion, we add ess he discussion o he esul s as well as he main conclusions o ou esea ch. Finally, he limi a ions and possible u u e esea ch lines a e p esen ed. Theo e ical amewo k Figu e 1 illus a es he concep ual model. Exploi a ion and explo a ion The ini ial concep ion o Ma ch (1991) and Le in hal and Ma ch (1993) ep esen ed an impo an challenge o sub- sequen esea ch in he ield o o ganiza ional adap a ion, consis ing o sol ing he pa adox ha implies ocusing ei he on exploi a ion o explo a ion (A uahene-Gima, 2005; Lin e al., 2013). Gi en ha o ganiza ional esou ces a e sca ce, he unde lying ques ion is how o combine exploi a ion and explo a ion wi hou a ec ing pe o - mance (Lee & Huang, 2012). Fo his eason, companies ha e o choose o in es ei he in he e inemen and ex en- sion o exis ing knowledge, skills, and p ocesses, o in he acquisi ion o new knowledge, skills, and p ocesses (Chu e al., 2011; Ka ila & Chen, 2008). The need o choose o ces companies o apply exploi a ion and explo a ion in a subs i u e o complemen a y way acco ding o hei needs (Gup a e al., 2006). De e mining whe he exploi a ion and explo a ion a e subs i u e o complemen a y capabili ies has been one o he main esea ch ques ions in his ield (And iopoulos & Lewis, 2009; Bie ly & Daly, 2007; Kno , 2002; La ie e al., 2010; Simsek, 2009; S e ne e al., 2014; Tu ne e al., 2013). The empi ical s udies ha ha e analyzed he ela ionship be ween bo h ha e shown con adic o y esul s. As s a ed by Su e al. (2011), “al hough he signi i- can pe o mance implica ions o explo a o y lea ning and exploi a i e lea ning ha e been well documen ed, he issue o whe he hey a e complemen a i ies o subs i u es s ill emains a puzzle” (p. 697). Some wo ks ha e demons a ed a nega i e and signi i- can ela ionship (Beckman, 2006; Chu e al., 2011; Kim Figu e 1. The concep ual model. Sou ce: Own elabo a ion. Ma ín-Idá aga e al. 315 e al., 2012; Ne ka , 2003; Voss e al., 2008), suppo ing he a gumen ha , due o hei limi ed esou ces, i ms ha e o decide be ween exploi ing and explo ing. This is why hese compe ences end up as being exclusi e o sub- s i u able (A uahene-Gima & Mu ay, 2007; Kim e al., 2014; Li e al., 2010; Ma ch, 1991). Such esul s ein o ce he idea o a ce ain ension be ween exploi a ion and explo a ion and show ha some companies make disc e e choices depending on he a ailabili y o esou ces o o ganiza ional and en i onmen al condi ions (A uahene- Gima, 2005; Gup a e al., 2006; La ie e al., 2010). A second and b oade g oup o wo ks has shown a posi- i e ela ionship be ween exploi a ion and explo a ion (e.g., Auh & Menguc, 2005; Bie ly e al., 2009; Clausen e al., 2013; Fang e al., 2012; Im & Rai, 2008; Li & Huang, 2013; Ro hae mel & Deeds, 2004), sugges ing ha i ms can balance bo h o hem. Tha is, hey ake ad an age o s o ed knowledge and os e con inuous imp o emen s o achie e sho - e m pe o mance and, a he same ime, can de elop new knowledge and echnologies o imp o e hei long- e m pe o mance (Benne & Tushman, 2003; Bie ly e al., 2009; La ie e al., 2011; Li e al., 2008). This bal- ance ep esen s he complemen a i y be ween exploi a ion and explo a ion (Bie ly & Daly, 2007; Kno , 2002). Achie ing his balance is no an easy ask (Adle e al., 2009; Fa joun, 2010), so he li e a u e has p oposed a i- ous solu ions, which a e summa ized in wo pe spec i es. The i s in ol es i s sepa a e applica ion, ei he s uc u - ally, empo ally, o con ex ually, as a con inuous cycle, known as balance by sepa a ion. The second implies i s simul aneous applica ion, known as ambidex e i y (O’Reilly & Tushman, 2013; Simsek, 2009). O ganiza ional ambidex e i y has been analyzed in heo e ical and empi i- cal esea ch o e e o an o ganiza ion’s abili y o simul a- neously exploi and explo e (And iopoulos & Lewis, 2009; Bi kinshaw & Gup a, 2013; Simsek, 2009). Ambidex ous companies a e he e o e hose capable o e icien ly exploi ing cu en capabili ies and explo ing new skills wi h he same deg ee o skill (Benne & Tushman, 2003; He & Wong, 2004). Al hough exploi a ion, based on he use o local knowl- edge, and explo a ion, h ough he ex e nal sea ch o new knowledge, may sepa a ely a o o ganiza ional esul s (Holmq is , 2004; Ne ka , 2003), he esea ch sugges s ha he ambidex ous balance be ween he wo p oduces a mo e signi ican impac on pe o mance. In his way, adap abili y in he sho e m can be balanced wi h he lexibili y necessa y o gua an ee du abili y in he long e m, which leads o g ea e pe o mance o he o ganiza- ion (Cao e al., 2009; He & Wong, 2004; Luba kin e al., 2006). Exploi a ion, explo a ion, and pe o mance One o he main ocuses o a en ion in exploi a ion and explo a ion esea ch has been he a emp o unde s and and explain hei e ec on o ganiza ional pe o mance (Bie ly & Daly, 2007; Junni e al., 2013; Lee & Huang, 2012). The esea ch on exploi a ion and explo a ion has demons a ed hei posi i e e ec on pe o mance ei he in a subs i u e o complemen a y way. Mo gan and Be hon (2008) and McDe mo and P ajogo (2012) ound ha he e is a posi i e in luence o exploi a i e and explo a o y inno a ion on pe o mance, and Li e al. (2011) es ablish ha bo h he long- e m de elopmen , enabled by explo a- ion, and he sho - e m p oduc i i y, p o ided by exploi a- ion, a e essen ial de e minan s o pe o mance and he i m’s sus ainabili y. O he wo ks ha e ackled he analysis o hese ela ionships om a mo e con ingency-based pe - spec i e. Fo example, Menguc and Auh (2010) demon- s a ed ha explo a o y ac ions imp o e pe o mance when i ms ollow an “explo a o y” s a egy, while exploi a i e ac ions imp o e pe o mance in i ms wi h a “de ensi e” s a egy. Mo eo e , exploi a ion and explo a- ion may in luence di e en ypes o pe o mance. In his sense, he esea ch o Sande s (2008), abou di e en pa - e ns o he use o in o ma ion echnologies, illus a es ha he exploi a i e pa e n enhances ope a ional bene i s, while he explo a i e pa e n imp o es s a egic bene i s.2 Belde bos e al. (2010) es ablished ha he exchange o explo a o y echnological ac i i ies be ween he pa ne s o a collabo a ion ne wo k b ing abou posi i e e ec s on inancial pe o mance, and Yuen e al. (2019) demon- s a ed ha “o ganisa ional slack and en i onmen al unce - ain y nega i ely mode a e he ela ionship be ween sus ainable exploi a ion capabili y and business pe o - mance bu posi i ely mode a e he ela ionship be ween sus ainable explo a ion capabili y and business pe o - mance” (p. 90). The a iabili y o he esul s in he as amoun o esea ch on exploi a ion and explo a ion and hei e ec (ei he sepa a ely o join ly) on pe o mance is mainly explained by a numbe o con ex ual ac o s de e mining he in ensi y and sign o his ela ionship (He & Wong, 2004; La ie e al., 2010). In he ollowing sec ions, we dis- cuss he main in e nal and con ex ual ac o s ha can help o be e unde s and and syn hesize he indings o he esea ch on exploi a ion, explo a ion, and pe o mance. Hypo heses de elopmen The e a e di e en mode a o s ha may explain he di e - ences in he impac on pe o mance o exploi a ion and explo a ion. A mode a o is a quali a i e o quan i a i e a iable ha a ec s he ela ionship be ween an independ- en and a dependen a iable and, consequen ly, becomes a sou ce o he e ogenei y in he esul s o s udies ha ana- lyze a hypo hesized ela ionship (Bo ens ein e al., 2009). Gi en ha me a-analysis e i ies he exis ence o he e o- genei y in s udies, i becomes a use ul me hod o iden i y which mode a ing a iables a e causing such a iabili y. In his sense, in he managemen ield, se e al s udies using 316 Business Resea ch Qua e ly 25(4) me a-analysis ha e analyzed he e ec s o p e iously es ablished mode a o ac o s (Bowen e al., 2010; Gue e o-Villegas e al., 2018; Pé ez-Cale o e al., 2019; Rosenbusch e al., 2011). In a me a-analysis, di e en ypes o mode a o s can be iden i ied, as hey a ec he esul s o he s udies: subs an- i e, ex insic, and me hodological (Bo ens ein e al., 2009; Lipsey & Wilson, 2001). The subs an i e mode a- o s can be conside ed as he mos ele an and e e o o he a iables included in he s udies, o ming pa o he hypo heses o de eloped heo ies. Al hough we acknowl- edge ha he spec um o mode a o s o conside is b oad, ollowing he same p ocedu e as Lee and Madha an (2010), we iden i ied om he heo e ical li e a u e he subs an i e mode a o s ha could a ec he ela ionship o exploi a ion and explo a ion wi h pe o mance p oducing he e ogenei y, and hen we selec ed hose ac o s ha had g ea e p esence in he s udies included in ou me a-analy- sis. Thus, he a iables slack esou ces, o ganiza ional s uc u e, in e -o ganiza ional ela ions, compe i i e in en- si y, and en i onmen al dynamism a e conside ed as sub- s an i e mode a o s. Fo ex insic and me hodological mode a o s, we included hose ha a e gene ally sugges ed by he me a-analy ical li e a u e and ha a e he mos e- quen ly e alua ed in he ield o managemen and business o explain he e ogenei y (Camisón-Zo noza e al., 2004; Ki ca e al., 2005; Lee & Xia, 2006). The ex insic mod- e a o s a e exogenous condi ions o he analyzed ela ion- ship ha could a ec he s eng h and di ec ion o his ela ionship. In he p esen in es iga ion, he egion, as well as he size and sec o o he companies, a e p oposed as ex insic mode a o s. Finally, he me hodological mod- e a o s e e o he me hods o ob aining and ope a ional- izing he a iables in he s udies conside ed, which can also be a sou ce o he e ogenei y in hei esul s. As me h- odological mode a o s, we p opose he way o ob ain he da a and he ype o measu emen o he dependen a iable. Subs an i e mode a o s O ganiza ional slack. Al hough he o ganiza ional slack e idences mul iple concep ions (Bou geois, 1981), in he p esen s udy we ake he de ini ion o Noh ia and Gula i (1996) o i s simplici y and cla i y: “We de ine slack as he pool o esou ces in an o ganisa ion ha is in excess o he minimum necessa y o p oduce a gi en le el o o gani- sa ional ou pu ” (p. 1,246). Some wo ks show ha when slack exis s (ope a ional, inancial, o ela ed o human esou ces), i ms ha de elop ac i i ies o exploi a ion achie e a highe pe o mance (G e e, 2007; Le in hal & Ma ch, 1993; Voss e al., 2008). O he s udies indica e ha slack also acili a es sea ching and expe imen ing and, in his con ex , he ac i i ies o explo a ion may achie e hei goals mo e e ec i ely and imp o e pe o mance (Ka ila & Shane, 2005; La ie e al., 2010; Sidhu e al., 2004). Finally, some esea ch concludes ha slack p omo es balance in he alloca ion o esou ces o p omo e bo h exploi a ion and explo a ion ac i i ies and, he e o e, gua an ees a be e pe o mance (Geige & Mak i, 2006; Huang & Li, 2012). Consequen ly, we p opose he ollowing hypo hesis: H1. O ganiza ional slack posi i ely mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance. O ganiza ional s uc u e. O ganiza ional s uc u e is de ined as he way in which wo k is di ided and i s la e coo dina ion is ca ied ou (Min zbe g, 1979). O e all, o ganiza ional heo y classi ies o ganiza ional s uc u es in o mechanis ic and o ganic. Mechanis ic s uc u es ha e a high o maliza ion, a high cen aliza ion, and na ow spans o au ho i y. O ganic s uc u es a e cha ac e ized by a low o maliza ion, a g ea e decen aliza ion, and b oade spans o au ho i y (Bu ns & S alke , 1961; McCaskey, 1974). On he whole, mechanis ic s uc u es a o exploi a ion and complica e explo a ion (He & Wong, 2004; La ie e al., 2010). The e y cen aliza ion and o maliza ion o mechanis ic s uc u es hinde he ac i i ies o explo a ion by inhibi ing he sea ch o new knowledge and al e na i e solu ions o non- ou ine p oblems, which would equi e an o ganic s uc u e. On he con a y, his o maliza ion and s anda diza ion acili a e exploi a ion and he inc emen al imp o emen in p ocesses and p oduc s (Jansen e al., 2006; La ie e al., 2010). The bene i s o he i be ween he ype o s uc u e and exploi a ion and explo a ion ac i i ies ha e been demons a ed by Raisch (2008) and Zhang e al. (2012), among o he s. We he e o e p esen he ollowing hypo hesis: H2. The mechanis ic o ganiza ional s uc u e mode - a es (a) he in luence o exploi a ion on pe o mance posi i ely and (b) he in luence o explo a ion on pe - o mance nega i ely. In e -o ganiza ional ela ionships. Th ough in e -o ganiza- ional ela ionships, i ms build collabo a i e ne wo k in e ms o he complemen a i y o esou ces, ecip ocal ag eemen s, and s a egic nego ia ions in which o ganiza- ions au onomously c ea e collec i e in e dependences (Oli e , 1990). These a e a icula ed ia alliances and coope a ion ag eemen s which acili a e he exploi a ion and gene a ion o knowledge (Holmq is , 2004; La ie & Rosenkop , 2005; Phelps, 2010). The esea ch has shown con lic ing esul s unde di e - en con ingency condi ions. Fo example, Guisado- González e al. (2019) showed ha inno a i e pe o mance, due o exploi a ion o explo a ion alliances, depends on he Ma ín-Idá aga e al. 317 age o he company. They ound a subs i u e ela ionship in which young companies achie e highe inno a i e pe o - mance when hey implemen only explo a ion-o ien ed alliances, and hey a ec hei inno a i e pe o mance by implemen ing exploi a ion-o ien ed alliances. Rega ding collabo a i e ag eemen s wi h la ge companies, Yang e al. (2014) ound ha , in gene al, small companies ob ain g ea e bene i s wi h exploi a ion alliances han wi h explo a ion alliances. On he whole, in e -o ganiza ional ela ionships a e a sou ce o oppo uni ies o bo h exploi a ion and explo a- ion (Koza & Lewin, 1998) and c ea e a con ex whe e he wo o hem may be e con ibu e o pe o mance. On one hand, by means o in e -o ganiza ional ela ionships, i ms can apidly access esou ces and capabili ies ha inc ease hei local lea ning and help o imp o e hei cu en ech- nologies and p ocesses (Hoang & Ro hae mel, 2010; Noo eboom e al., 2007; Ro hae mel, 2001; H. Yang e al., 2014). On he o he hand, in e -o ganiza ional ela ion- ships ep esen a sui able con ex o explo a ion as each- ing ou o new pa ne s becomes a p omising way o explo ing new oppo uni ies (La ie e al., 2011; Phelps, 2010; Rosenkop & Ne ka , 2001; Ro hae mel & Deeds, 2004). In his sense, he ollowing hypo hesis is p oposed: H3. In e -o ganiza ional ela ionships posi i ely mod- e a e he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance. Compe i i e in ensi y. Compe i i e in ensi y ep esen s he deg ee o compe i ion ha a i m aces in he ma ke whe e i ope a es. I is conside ed o be one o he main h ea s o he o ganiza ion (De Cle cq e al., 2014) and an impo an ex e nal ac o ha a ec s pe o mance (Jawo ski & Kohli, 1993; Kim & A uahene-Gima, 2010). When compe i i e in ensi y is high, i ms expe ience s ong p essu es owa d cos e iciencies and p ice educ- ions, which na ow u ili y ma gins and educe he o gani- za ional slack (Li e al., 2010; Mille & F iesen, 1983; Zah a, 1996). In his con ex , exploi a ion may help o compe e h ough he con inuous imp o emen o p od- uc s, se ices, and p ocesses, aking ad an age o he cu - en esou ces and he accumula ed knowledge and a oiding he cos s and isks o new sea ches and de elop- men s. In his line, esea ch demons a es ha when com- pe i i e in ensi y is high, exploi a ion shows a posi i e linea ela ionship wi h pe o mance (Ne ka , 2003; Yang & Li, 2011). Explo a ion may also help o de elop new sou ces o compe i i e ad an age in highly compe i i e con ex s (Jansen e al., 2006; La ie e al., 2010; Le in hal & Ma ch, 1993). Indeed, in such scena ios he i ms should balance exploi a ion and explo a ion o a oid echnological obso- lescence and o p oac i ely an icipa e ma ke changes. This would allow i ms o en ich hei cu en p ocesses, o b oaden hei ange o p oduc s, o imp o e hei ma ke posi ion, and o ob ain g ea e yields om hei in es - men s (Abebe & Ang iawan, 2014; Auh & Menguc, 2005; Chang e al., 2011; Lumpkin & Dess, 2001). Consequen ly, he ollowing hypo hesis is o mula ed: H4. Compe i i e in ensi y posi i ely mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance. En i onmen al dynamism. En i onmen al dynamism is he deg ee o change and unp edic abili y o he en i onmen whe e he i m ope a es (Dess & Bea d, 1984; Jansen e al., 2009; Jawo ski & Kohli, 1993). In a e y dynamic con ex , di e en ex e nal ac o s (economic, social, poli i- cal, e c.) concu and in luence he i m pe o mance in condi ions o high unce ain y (Bu on & Obel, 2004). Accele a ed changes in echnology, unexpec ed a ia ions in cus ome s’ p e e ences, un o eseeable luc ua ions in he demand o p oduc s, and he supply o ma e ials a e some o he ac o s causing en i onmen al dynamism (Jansen e al., 2006; Jawo ski & Kohli, 1993). I ep esen s a pa icula condi ion ha p essu es companies o a ce ain exploi a i e and explo a o y beha io (Chang e al., 2011), gi ing ise o di e en s a egic al e na i es o achie e e iciency and e ec i eness (Auh & Menguc, 2005; Li & Huang, 2013). Empi ical esea ch has shown ha he dynamic en i- onmen p oduces a mode a ing e ec on he in luence ha exploi a ion and explo a ion ha e on pe o mance, wi h esul s ha a e no ye conclusi e and in some cases con- adic o y. Fo example, in hei s udy, Be nal e al. (2019) demons a ed ha echnological and ma ke e olu ion p o- duces di e en in luences on he ela ionship be ween exploi a ion and explo a ion wi h inno a i e pe o mance; Yuen e al. (2019) ound ha in he ace o g ea e en i on- men al unce ain y, companies ob ain be e pe o mance o explo a o y capaci y han o exploi a i e capaci y, and Li and Wang (2019) showed ha companies wi h a highe inancial slack end o o m mo e explo a ion and less exploi a ion alliances, bu when he en i onmen is highly unce ain hey end o es ablish exploi a i e ela ionships, a oiding explo a i e collabo a ions. O he s udies ha e ound ha en i onmen al dynamism leads companies o dec ease hei exploi a i e ac i i ies, since hey may ace excessi e ou iniza ion and ine ia a ec ing lexibili y and p opensi y o change (A uahene-Gima, 2005; Chang e al., 2011; Kim & A uahene-Gima, 2010; Wang & Li, 2008). Likewise, some s udies ha e ound ha in a dynamic en i- onmen , he ope a ional uni s esis he h ea o obsoles- cence, inc easing he unlea ning o he ou ines es ablished o ob ain new knowledge (Bie ly & Daly, 2007; Li e al., 2010). As Moss e al. (2014) indica ed, in s able en i on- men s companies should p omo e g ea e exploi a ion o achie e g ea e e iciency, while in dynamic en i onmen s, a g ea e ocus on explo a ion will be needed o p omo e 318 Business Resea ch Qua e ly 25(4) new echnologies and p oduc s. Simila ly, a ious s udies a gue ha he nega i e e ec p oduced by exploi a ion on pe o mance in dynamic en i onmen s is o se when companies de elop a balanced s a egy be ween exploi a- ion and explo a ion (Jansen e al., 2012; Pe usa-O ega & Molina-Azo ín, 2018; Sa kees e al., 2010). Finally, Jansen e al. (2006) showed ha en i onmen al dynamism posi i ely mode a es he ela ionship be ween explo a o y inno a ion and inancial pe o mance, and nega i ely mode a es he ela ionship be ween exploi a- i e inno a ion and inancial pe o mance. In his pe spec i e, he ollowing hypo hesis is p oposed: H5. En i onmen al dynamism mode a es (a) he in lu- ence o exploi a ion on pe o mance nega i ely and (b) he in luence o explo a ion on pe o mance posi i ely. Ex insic mode a o s Region. Se e al wo ks using he me a-analysis echnique ha e shown ha he egion mode a es he ela ionship be ween he independen a iable and he i m pe o - mance (Ca ney e al., 2011; Hancock e al., 2013). In he ield o exploi a ion and explo a ion, he egion unde s udy has p o ed o be a ele an ac o ha in luences he esul s. Fo example, he s udy o Ka ila and Ahuja (2002) on he global obo ic indus y ound ha Ame ican and Eu opean i ms pe o m mo e exploi a ion and explo a- ion han hei coun e pa s in Japan. Simila ly, Kim e al. (2012) ound ha he in luence o ambidex e i y on he p ocess o o ganiza ional lea ning is mo e e iden in Ame ican and Eu opean i ms han in Japanese i ms. Thus, i may be specula ed ha capaci ies o exploi a ion and explo a ion a e mo e e ec i ely de eloped in he Ame ican and Eu opean a eas han in he Asian egion. In u n, his could be explained by he dynamism and apid- i y o hei pene a ion s a egies in o eign ma ke s, which allows hem be e abso p ion and de elopmen o knowledge (Hsu e al., 2013), suppo ed by hei abili y o de elop alliances (Ro hae mel, 2001). In addi ion, com- panies wi h a g ea e capaci y o global expansion a e mo e p one o exploi a ion and explo a ion (P ange & Ve die , 2011). The e o e, he ollowing hypo hesis is pos ula ed: H6: The egion in which he s udy was conduc ed mod- e a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, wi h he e ec being s onge in wes e n egions han in eas e n egions. Size. The size o he o ganiza ion has been an impo an mode a ing a iable in me a-analy ic s udies (Camisón- Zo noza e al., 2004; Lee & Xia, 2006). In he ield o exploi a ion and explo a ion, he incidence o size has yielded ambiguous esul s, since i has some imes been ound ha la ge companies a e mo e liable o exploi – explo e, while in o he s his si ua ion has been mo e p om- inen in small and medium-sized en e p ises (SMEs; La ie e al., 2010; Lee & Huang, 2012; Raisch, 2008). Al hough smalle companies can de elop be e hei exploi a i e and explo a o y skills, due o hei lexibili y and he absence o ine ia in hei p ocesses, hei sca ce esou ces limi hem in he sea ch o oppo uni ies (Lee & Huang, 2012). As a gued by Moss e al. (2014), while i makes sense ha la ge companies ha e ins i u ionalized no ms and s uc u al ine ia ha limi change, i is also ue ha hey ha e a g ea e esou ce slack han small compa- nies o co ec he poo esul s o s a egic decisions. In ac , some s udies ound ha la ge companies, due o hei g ea e esou ces, ha e a g ea e p opensi y o adop adi- cal o explo a o y inno a ions (Dewa & Du on, 1986; E lie & Rubens ein, 1987). Fu he mo e, because o he co ela ion be ween age and size—conside ing ha young companies end o be smalle and ma u e companies end o be la ge —some au ho s showed ha “young companies achie e be e pe - o mances wi h he implemen a ion o explo a ion-o ien ed alliances and ma u e companies wi h he implemen a ion o exploi a ion-o ien ed alliances” (Guisado-González e al., 2019, p. 402). Indeed, mos s udies on exploi a ion and explo a ion ha include size as a con ol a iable show ha hey a e mo e common in la ge companies (Anand e al., 2009; Fang e al., 2012; Luba kin e al., 2006; Sa kees e al., 2010; Zhou & Wu, 2010). Fo la ge companies i is easie o exploi and explo e, since hey ha e a g ea e a ailabil- i y o esou ces and be e economies o scale (Cao e al., 2009; Sa kees e al., 2010). Likewise, la ge companies ha e consolida ed s uc u es, cha ac e ized by a clea ly de ined hie a chical and unc ional di ision ha acili a es he o ganiza ional balance be ween exploi a ion and explo- a ion, so ha hey can exploi in one a ea and explo e in ano he (La ie e al., 2010; Raisch e al., 2009). As indi- ca ed by Mom e al. (2007), “bo h exploi a ion and explo- a ion concu in he o ganisa ion, bu in di e en places in he s uc u e” (p. 925). Mo eo e , esea ch has shown ha he c ea ion o ag eemen s o he explo a ion o new p od- uc s and he exploi a ion o cu en ma ke s is posi i ely ela ed wi h size, since la ge companies can ealize e i- cal in eg a ion o ca y ou p ojec s, in ol ing u he p oduc and ma ke de elopmen (Ro hae mel & Deeds, 2004). In sum, gi en he g ea e a ailabili y o esou ces (slack) and a mo e consolida ed o ganiza ional s uc u e, la ge companies will be be e able o exploi and explo e han SMEs. I is expec ed, he e o e, ha he ela ionship be ween exploi a ion, explo a ion, and pe o mance is sig- ni ican and s onge in la ge companies han in SMEs, so he ollowing hypo hesis is posi ed: Ma ín-Idá aga e al. 319 H7: The size o he companies s udied mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, such ha he e ec is s onge in la ge companies han in SMEs. Sec o . The indus y in which companies ope a e is an impo an mode a o o o ganiza ional esul s (Camisón- Zo noza e al., 2004; Junni e al., 2013). In he ield o exploi a ion and explo a ion, s udies ha e been ca ied ou on sec o s o di e en echnological le els, wi h con- lic ing esul s. Fo example, Beckman (2006) ound ha in he biomedical indus y mo e explo a ion capaci ies a e de eloped and ha in manu ac u ing companies he e is a g ea e de elopmen o exploi a i e ac ions. Howe e , Bie ly and Daly (2007) indica ed ha bo h exploi a ion and explo a ion a e mo e e iden ac ions in high- ech companies, since in low- ech companies cus ome s could unde es ima e echnological ad ances due o hei p e e - ence owa d he b and and he p ice. To be success ul in he ma ke , high- ech companies mus make s a egic decisions ha allow hem o de elop compe i i e ad an ages, a pu pose o which he explo a- ion o new p ocesses/p oduc s and he exploi a ion o cu en p ocesses/p oduc s a e c ucial (Chand aseka an e al., 2012; Gedajlo ic e al., 2012). Huang (2009) s a es ha in high- ech companies he s a egic enewal o hei compe i i e capabili ies s ems om con on ing ine ia and dis up ion by exploi ing exis ing knowledge and explo ing new ways o lea ning. Fo example, in he bio- pha maceu ical indus y, i ms ha e shown p o ound changes as a esul o he con inuous disco e y cycle be ween exploi a ion and explo a ion (Gilsing & Noo eboom, 2006). High- ech companies a e mo e likely o make s a egic alliances, bo h h ough explo a ion ag eemen s ha allow hem o de elop new p oduc s and exploi a ion ag eemen s ha a o he de elopmen o hei ma ke s (Ro hae mel & Deeds, 2004). In sum, bo h exploi a ion and explo a ion a e mo e e i- den in high- ech companies, since in low- ech companies he cus ome s could unde es ima e echnological ad ances in exchange o hei p e e ence owa d he b and and he p ice (Bie ly & Daly, 2007). Thus, in low- ech i ms, incen i es o in es in exploi a i e and explo a o y ac i i- ies will be lowe . In iew o his, i is expec ed ha he ela ionship be ween exploi a ion and explo a ion wi h pe o mance will be signi ican and s onge in he high echnology sec- o (e.g., biomedical, mic ocompu e ) han in o he , low- echnology sec o s (e.g., manu ac u ing and se ices), so he ollowing hypo hesis is pu o wa d: H8: The sec o in which he s udy was conduc ed mod- e a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, such ha he e ec is s onge in he high- ech sec o han in he low- ech- nology sec o . Me hodological mode a o s Ways o ob aining da a. Se e al me a-analy ical s udies in he o ganiza ional ield ha e conside ed ha he ela ionships analyzed a e mode a ed by he way he da a we e ob ained (Camisón-Zo noza e al., 2004; Junni e al., 2013). Fo exam- ple, he me a-analysis ca ied ou by Van Wijk e al. (2008) included, as a mode a ing ac o , he way o cap u ing da a (p ima y s. seconda y da a). They ound ha he e ec size was g ea e in he s udies based on su eys. S udies analyzing he ela ionship be ween exploi a- ion, explo a ion, and pe o mance ha e used di e en ways o ob aining da a, speci ically (a) ques ionnai es (e.g., A uahene-Gima, 2005; Bie ly & Daly, 2007; Chang e al., 2011; Si én e al., 2012; Zhan & Chen, 2013), (b) da abases (e.g., Anand e al., 2009; Belde bos e al., 2010; Kim e al., 2014; W. Li & Wang, 2019; Schul z e al., 2013; Solís-Molina e al., 2018), and (c) a combina ion o p i- ma y and seconda y da a (e.g., Calan one & Rube a, 2012; Fe nhabe & Pa el, 2012; Jansen e al., 2012; Pa el e al., 2012; Shi oko a e al., 2013; Vo hies e al., 2011). Di e en ways o ga he ing da a can lead o andom e o s ha cause he e ogenei y in he esul s. As indica ed by Van Wijk e al. (2008), he ope a ionaliza ion o he a iables can a ec he eal co ela ions. In his esea ch, we assume ha ques ionnai es may p o ide mo e p ecise in o ma ion abou exploi a ion and explo a ion, since hey a e specially designed o measu e he a iables unde analysis ( his allows a close assess- men o he ac s and beha io s). Fu he mo e, such p eci- sion occu s since in gene al he scales used in he s udies end o be simila , which was e i ied by Nicolau-Juliá e al. (2015), who ound ha he exploi a ion and explo a- ion measu es a e equally alid in low- echnology sec o s as in he medium and high echnology. On he con a y, seconda y da a implies he use o da a- bases ha we e designed o o he pu poses, which educes he accu acy o in o ma ion abou he a iables unde s udy. Fo his eason, i is expec ed ha he ela ionship be ween exploi a ion and explo a ion on pe o mance will be signi ican and s onge when he in o ma ion is ob ained wi h p ima y da a compa ed wi h ha ob ained wi h seconda y o mixed da a. Pe o mance measu emen s. Pe o mance has ep esen ed one o he mos ep esen a i e a iables in he esea ch agendas o s a egic managemen . Al hough pe o mance can ha e di e en seman ic conno a ions, i is gene ally de ined as he scope o o ganiza ional e ec i eness. This has been speci ied as he concomi ance be ween e ec i e- ness and e iciency. The o me is unde s ood as he achie emen o objec i es and he la e as he op imal use o esou ces (Auh & Menguc, 2005; Bu on & Obel, 2004). The measu emen o o ganiza ional pe o mance is s ill a subjec o deba e among academics due o i s mul i- dimensional condi ion ha makes his a iable a complex 326 Business Resea ch Qua e ly 25(4) slack may allow i ms o success ully ca y ou bo h ech- nological p ocesses o imp o emen and scien i ic ac ions o de elopmen (Fleming & So enson, 2004; Geige & Mak i, 2006; Huang & Li, 2012). The ype o o ganiza ional s uc u e, he second sub- s an i e ac o , may de e mine di e ences in he impac o exploi a ion and explo a ion on pe o mance. In his sense, mechanis ic s uc u es, cha ac e ized by s ong o - maliza ion, cen aliza ion, and e ical di e en ia ion (Bu on & Obel, 2004; Sun & Pan, 2011), lead o a highe e ec o exploi a ion on pe o mance. Tha is, lea ning h ough o ganiza ional ou ines and s anda dized p o- cesses seems o con ibu e o g adual imp o emen s which a o e iciency and p o i s in he sho e m (Adle e al., 2009; He & Wong, 2004; Hsiao & Wu, 2020; Jansen e al., 2006). Ne e heless, we could no demons a e a nega i e mode a ing e ec o hese mechanis ic s uc u es on he ela ionship be ween explo a ion and pe o mance. Thus, al hough s ong o maliza ion and cen aliza ion may limi he ini ia i e and c ea i i y necessa y o s eng hen expe imen a ion and inno a ion, ce ain p oce- du es and p o ocols may con ibu e o a icula ing and making he p ocess o explo a ion success ul. As Cabello- Medina e al. (2011) demons a ed, some deg ee o o - maliza ion could help people o manage complex, unce ain, and mul idisciplina y in o ma ion in adical inno a ion p ocesses. Howe e , since in ou me a-analy- sis he s udies ha analyze he o ganiza ional s uc u e co espond o mechanical ype s uc u es, he esul s could be ob ia ing o he con ingen ci cums ances, such as o ganiza ional inno a ion. As Guisado-González e al. (2017) demons a ed, he ela ionships be ween exploi a- ion and explo a ion wi h o ganiza ional inno a ion a e complemen a y, so ha pe o mance can be imp o ed i companies simul aneously implemen exploi a ion, explo- a ion, and o ganiza ional inno a ion ac i i ies. In his case, when o ganiza ions make he o ganiza ional s uc- u e mo e lexible, making hem mo e o ganic o in o- duce be e managemen p ac ices (e.g., wi h he design o pa allel subs uc u es), hey will ha e he possibili y o balancing he esou ces alloca ed o exploi a i e and explo a o y ac i i ies (Raisch, 2008). In e -o ganiza ional ela ionships, he hi d subs an i e ac o , ein o ce he in luence o explo a ion on pe o - mance. Pa icipa ing in alliances may be a use ul s a egy o abso b ex e nal knowledge, sha ing esou ces, and capabili ies wi h pa ne s and in e changing R&D ac i i- ies (Holmq is , 2003; La ie e al., 2011; Li e al., 2014; Phelps, 2010), all o which may con ibu e o imp o ing he esul s o explo a ion (La ie & Rosenkop , 2005; Li & Wang, 2019). Ne e heless, in e -o ganiza ional ela ion- ships do no seem o be as aluable when i ms a e in ol ed in exploi a ion ac i i ies. As has been s a ed in p io esea ch, exploi a ion may be a undamen ally in a-o gan- iza ional condi ion (Auh & Menguc, 2005; Benne & Tushman, 2003; Du a, 2012; He & Wong, 2004). Al hough Table 8. Summa y o hypo hesis e i ica ion. No. Con en Ve i ica ion H1 O ganiza ional slack posi i ely mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance. Suppo ed H2 The mechanis ic o ganiza ional s uc u e mode a es (a) he in luence o exploi a ion on pe o mance posi i ely and (b) he in luence o explo a ion on pe o mance nega i ely. Pa ially suppo ed H3 In e -o ganiza ional ela ionships posi i ely mode a e he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance. Pa ially suppo ed H4 Compe i i e in ensi y posi i ely mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance. No suppo ed H5 En i onmen al dynamism mode a es (a) he in luence o exploi a ion on pe o mance nega i ely and (b) he in luence o explo a ion on pe o mance posi i ely. Pa ially suppo ed H6 The egion in which he s udy was conduc ed mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, wi h he e ec being s onge in wes e n egions han in eas e n egions. Suppo ed H7 The size o he companies s udied mode a es (a) he in luence o exploi a ion on pe o mance and (b) explo a ion on pe o mance, such ha he e ec is s onge in la ge companies han in SMEs. Suppo ed H8 The sec o in which he s udy was conduc ed mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, such ha he e ec is s onge in he high- ech sec o han in he low- echnology sec o . Suppo ed H9a The way o ob aining he da a mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, such ha he e ec is s onge when he da a a e ob ained h ough a su ey han when ob ained om da abases. Suppo ed H9b The way o measu ing pe o mance mode a es he in luence o (a) exploi a ion on pe o mance and (b) explo a ion on pe o mance, such ha he e ec is s onge when measu ed subjec i ely han objec i ely Suppo ed SMEs: small and medium-sized en e p ises. Ma ín-Idá aga e al. 327 i ms can exploi in an in e -o ganiza ional manne (Hoang & Ro hae mel, 2010; Holmq is , 2004; Russo & Vu o, 2010), he bene i s a e no as signi ican a he i m le el (La ie e al., 2011). In addi ion, his ela ionship may be a ec ed by di e en con ingency ac o s, such as age, since, as Guisado-González e al. (2019) showed, exploi a- ion alliances dec ease he company’s inno a i e pe o - mance, whe eas inno a ion alliances inc ease i . The ou h subs an i e ac o , compe i i e in ensi y, does no seem o be he sui able con ex o bo h exploi a- ion and explo a ion, al hough mos s udies in his ield poin in he opposi e di ec ion. Rega ding exploi a ion, i ms acing an en i onmen o echnological and ma ke i al y, which can h ea en hei compe i i e posi ion, a e expec ed o exploi o main ain hei pe o mance a app op ia e le els (Jansen e al., 2006; Kim & A uahene- Gima, 2010; Yang & Li, 2011). None heless, wha ou esul s sugges is ha , in a highly compe i i e en i on- men , e o s owa d e iciency may no p oduce g ea e pe o mance. This could be due o he p oblems s emming om he ine ia and ou iniza ion ha exploi a ion en ails (Adle e al., 2009; Wang & Li, 2008), as well as he ac ha , in si ua ions o high compe i i e in ensi y, he e o s o op imize p ocesses and a ionalize cos s a e insu icien o coun e ac he compe i ion in p ices and he dec ease o ope a ional ma gins (Mille & F iesen, 1983; Zah a, 1996). Rega ding explo a ion, ou esul s sugges ha in highly compe i i e con ex s, explo a ion ac i i ies may no be success ul. As has been discussed in p e ious esea ch, compe i i e in ensi y ends o inc ease unce - ain y and, in u n, isk a e sion, hampe ing, and discou - aging sea ch p ocesses, expe imen a ion and he de elopmen o new knowledge o p oduc s (Jansen e al., 2006; Li e al., 2010). Ou esul s also sugges ha a dynamic en i onmen , he i h subs an i e ac o , seems o be a a o able con ex o de eloping bo h exploi a ion and explo a ion ac i i ies. Al hough o ganiza ions ha exploi a e expec ed o su - i e and be success ul in s able en i onmen s, a ce ain deg ee o change and dynamism may encou age i ms o e ine hei cu en compe encies and imp o e hei e i- ciency. Dynamism may especially bene i explo a i e “o ganisa ions ha can p omp ly ake ad an age o eme g- ing oppo uni ies and abandon expi ing ce ain ies” (La ie e al., 2010, p. 119). Fi ms could ace his un o eseeable en i onmen ia p oducing new knowledge, wi h a g ea e echnological sea ch, a di e si ica ion in hei o e po o- lio, a b oadening o hei cus ome base, and a s onge ma ke de elopmen (Jansen e al., 2006; Kim & A uahene- Gima, 2010; Wang & Li, 2008). Rega ding he e olu ion o he ma ke , hese esul s ag ee wi h hose ound by Be nal e al. (2019), who a gue ha “ he inno a ions esul ing om he de elopmen o explo a ion and exploi- a ion s a egies can bo h be accommoda ed in an en i on- men cha ac e ised by apid ma ke e olu ion” (p. 315). Al hough, as hese au ho s ha e shown, explo a o y and explo a o y compe ences can be di e se in di e en en i- onmen al condi ions (e.g., in echnological e olu ion), ou me a-analysis e u es he idea ha he dynamic en i- onmen discou ages exploi a ion and shows ha compa- nies in es in exploi a i e and explo a o y ac i i ies o ace he unce ain y ha en i onmen al changes b ing and o imp o e pe o mance, which is consis en wi h he ind- ings o Zhan and Luo (2008). Rega ding he ex insic mode a o s, o he case o he egion, ou esul s sugges ha exploi a ion and explo a- ion ac i i ies a e mo e success ul in Wes e n o ganiza- ions han in hei Asian coun e pa s, which is consis en wi h wha has been s a ed in some s udies (Ka ila & Chen, 2008; Kim e al., 2012; Ro hae mel & Deeds, 2004). Ame ican and Eu opean companies seem o ace s ong compe i i e demands ha induce hem o accele a e hei in e na ionaliza ion p ocess, so hey mus make quick decisions ha imply be e use o hei cu en capabili ies and a s ong d i e owa d global expansion (Hsu e al., 2013). In e ms o size, he second ex insic ac o , i was ound ha in la ge companies he e is a g ea e e ec o exploi a- ion and explo a ion on pe o mance. Al hough, o SMEs, exploi a ion and explo a ion can be easily managed due o hei low ou iniza ion and ew bu eauc a ic es ic ions (Lee & Huang, 2012), hey do no seem o achie e as good esul s as la ge companies. La ge companies, wi h a g ea e a ailabili y o esou ces and wi h he capaci y o achie e economies o scale, can de elop be e skills, whe he exploi a i e and explo a o y (Cao e al., 2009; La ie e al., 2010; Sa kees e al., 2010). Ou esul s also sugges ha he sec o , he hi d ex in- sic ac o , mode a es he ela ionships analyzed, in he sense ha in he high- echnology sec o s he posi i e e ec o exploi a ion and explo a ion on pe o mance is in ensi- ied. In e ms o exploi a ion, high- ech companies a e cons an ly e ining hei in e nal esou ces o op imize hei R&D ac i i ies, allowing hem o imp o e hei p o- cesses and make hem mo e e icien (Chand aseka an e al., 2012; Chand aseka an & Mish a, 2012). In e ms o explo a ion, companies belonging o hese sec o s, ope a - ing in highly ola ile echnological en i onmen s, in es mo e in esea ch, expe imen a ion, and de elopmen o enhance hei capabili ies (Gedajlo ic e al., 2012). Rega ding he me hodological condi ions, hey a e con- side ed as ep esen a i e mode a ing ac o s in a me a-anal- ysis (Bo ens ein e al., 2009; Hun e & Schmid , 2004; Lipsey & Wilson, 2001). We ound ha he way o ob ain- ing he da a as well as he pe o mance measu emen s a ec he esul s o he s udies: s udies based on su eys on exploi a ion and explo a ion, using a subjec i e measu e- men o pe o mance, p oduce a la ge e ec size. This inding was simila o ha ob ained in o he me a-analy ical s udies in he ield o managemen and o ganiza ions 328 Business Resea ch Qua e ly 25(4) (Camisón-Zo noza e al., 2004; Lee & Xia, 2006; Van Wijk e al., 2008). Al hough su eys can p o ide a ai h ul ep e- sen a ion o he eali y o he company because hey meas- u e he ac s as hey a e expe ienced by hei ac o s, some au ho s ha e wa ned ha he signi ican esul s could come om a i icial co ela ions due o he ope a ionaliza ion o he a iables (Ki ca e al., 2005; Van Wijk e al., 2008). To sum up and answe ou esea ch ques ions, exploi a- ion and explo a ion ha e di e en impac s on pe o - mance, depending on he p esence o se e al mode a ing ac o s. No all he ac o s conside ed a e ele an o explain a be e pe o mance o exploi a ion e sus explo- a ion, and ice e sa. In his sense, slack esou ces and a dynamic en i onmen con ibu e o he success o bo h exploi a ion and explo a ion ac i i ies, while compe i i e in ensi y seems o hampe he wo s a egies. The es o he ac o s analyzed in ou s udy de e mine a di e en e ec o exploi a ion and explo a ion on pe o mance, ei he ega ding he in ensi y o he e ec ( egion, size, sec o , da a sou ces, pe o mance measu emen ) o he sig- ni icance o he ela ionship (o ganiza ional s uc u e, in e -o ganiza ional ela ionships). In his sense, ou esea ch may con ibu e o a be e unde s anding o how exploi a ion and explo a ion in luence pe o mance. Ou esul s p o ide ele an indings o managemen p ac ice ega ding subs an i e ac o s. A mo e p ecise knowledge o he na u e and beha io o exploi a ion and explo a ion enables manage s o design he app op ia e s a egies o imp o e o ganiza ional pe o mance. Bo h explo a ion and exploi a ion can con ibu e o imp o ing he i m pe o mance, bu ce ain mode a o ac o s mus be conside ed, gi en ha hey can ei he in ensi y o weaken his in luence. To be awa e o he con ex in which he i m ope a es (slack esou ces, o ganiza ional s uc u e, in e -o ganiza ional ela ionships as well as he deg ee o compe i ion and dynamism) will help manage s o subs an- ially imp o e he e iciency o he s a egies designed. Limi a ions and u u e esea ch lines Fi s , gi en ha in ou me a-analysis we only include s ud- ies ha p esen independen ly co ela ions be ween exploi- a ion and pe o mance and be ween explo a ion and pe o mance, and ha we only conside ed some s udies ha p opose ambidex e i y hypo heses i hey p esen ed hese co ela ions sepa a ely (exploi a ion on pe o mance and explo a ion on pe o mance), u u e me a-analysis could assess he e ec o ambidex e i y on pe o mance as an in eg a ed cons uc . Besides, al hough he mode a o a iables included in ou analysis can be conside ed as some o he mos ele- an in he s udies on he e ec o exploi a ion and explo- a ion on pe o mance, i could be conside ed ha hey a e only a subse o all he po en ial mode a o s. Fu u e esea ch should explo e he ole o o he a iables ha also could de e mine di e ences in he e ec o exploi a ion and explo a ion on pe o mance. Rega ding he analysis o some o he mode a o s, he low numbe o p e ious s udies, due o he no el y o s ud- ies in he ield o exploi a ion and exploi a ion, may limi he gene aliza ion o he esul s. Ne e heless, and in line wi h o he me a-analyses in he managemen ield (Camisón-Zo noza e al., 2004; Hancock e al., 2013; Rosenbusch e al., 2013), his should no a ec he alidi y o he indings. Acco ding o some au ho s, empi ical wo ks included in a me a-analysis may p esen inconsis encies, due o issues o how he me hod is applied and he analysis le el, which may a ec he esul s (G een, 1984; Rosen hal, 1991). This s udy included all esea ch wo ks ound in he ield o exploi a ion and explo a ion, wi hou disc imina ing on he le el o analysis. The e o e, a sub- sequen me a-analy ical s udy could analyze he indi id- ual, o ganiza ional, and sec o le el o compa a i ely assess he consis ency o hese esul s. In ac , an indi id- ual-cen e ed in es iga ion would be e y in e es ing and co espond wi h he new esea ch end on he cons uc- ion o exploi a ion and explo a ion, consis ing o s udies a he indi idual le el (especially in 2019). These in es- iga ions ha e shown he di e en ways people in he o ganiza ion ca y ou pa icula exploi a ion and explo- a ion ac i i ies ha a ec he o e all pe o mance o he company (e.g., G eco e al., 2019; Kasso aki, 2019; Lau ei o-Ma inez e al., 2019; Schnellbäche e al., 2019; Wilms e al., 2019). Acknowledgemen s The au ho s hank he wo anonymous e e ees o hei insigh - ul and de ailed commen s and sugges ions. Decla a ion o con lic ing in e es s The au ho (s) decla ed no po en ial con lic s o in e es wi h espec o he esea ch, au ho ship, and/o publica ion o his a icle. Funding The au ho (s) disclosed eceip o he ollowing inancial suppo o he esea ch, au ho ship and/o publica ion o his a icle: We acknowledge he Spanish Minis y o Economy and Compe i i eness o inancial suppo (P ojec ECO2016- 75047-P and ECO2016-78882-P). ORCID iD Diego A mando Ma in Ida aga h ps://o cid.o g/0000-0002 -5021-6331 No es 1. The con ibu ion o James Ma ch has been a i ied as he heo y o o ganiza ional adap a ion (Benne & Tushman, 2003; Ky gidou & Pe idou, 2011). Ma ín-Idá aga e al. 329 2. Fo Sande s (2008), ope a ional bene i s a e hose ha a e ob ained as a esul o a educ ion o cos s o an imp o e- men in p ocesses, while s a egic bene i s a e he esul o a s onge ela ionship wi h he cus ome which os e s an inc ease in sales. 3. Au ho s such as Hedges and Olkin (1985), Hun e and Schmid (2004), Bo ens ein e al. 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