Purpose: We raise and address an unexamined research question: Why do managers place some business activities in the formal economy and others in the informal? This firm-level managerial choice is most visible in emerging economies and is important due to its performance implications....

Purpose: Theory predicts that balancing exploratory and exploitative learning (i.e., ambidexterity) across alliance portfolio domains (e.g. value chain function, governance modes) increases firm performance, whereas balance within domains decreases performance. Prior empirical work, however,...