Firms face a ceaseless dilemma of adaptation to their environments by embracing the right combination of exploration/exploitation strategies. Regarding this quandary’s long-term impact, we propose a novel theoretical model linking the pursuit of exploration and exploitation approaches and the...

The impact of business planning on performance (survival, growth, profit) of small and medium enterprises (SMEs) has been debated in strategic management and entrepreneurship research for decades. This study clarifies prior inconsistent findings by unbundling the generalized construct of...