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1、HOWPERFORMANCEINCENTIVESSHAPEINDIVIDUALEXPLORATIONAND1EXPLOITATION:EVIDENCEFROMMICRO-DATASunkeeLeeINSEADPhilippMeyer-DoyleINSEADABSTRACTWeintegratetheliteraturesonexploration/exploitationandincentives,toexaminehowincentivesimpactindividualstoexplorenewideasorexploitexistingideas,as
2、wellashowthisimpactisdependentonthecapabilitiesofindividualsandpeer-relatedperformancecomparisons.Further,wealsoinvestigatetheimplicationsofthechangeofincentivesonexplorationperformance.Wemakeuseofmicro-dataonthecommercialprojectsofsalesemployeesataSouthKoreane-commercecompanytoobs
3、ervehowareductioninindividualperformanceincentivesshapethebehaviorofindividualstoexplore/exploitaswellastheirperformance.Wefindthatindividualsengageinmoreexplorationafterareductioninperformance-basedincentives,yet,interestingly,theincreaseinexplorationislargelydrivenbyhigh-performi
4、ngindividuals.Further,theincreaseinexplorationrecedeswheneverindividualsunderperformtheirdirectpeersaftertheincentivesreduction.Finally,explorationperformanceimprovesaftertheincentiveschange,andperformanceisparticularlyboostedforindividualswhoareworkingincomplextaskenvironments.Ove
5、rall,thisstudycontributestotheliteratureonexploration/exploitationbyexamininghowindividualbehaviortoexploreorexploitisimpactedbyperformanceincentivesandwhatarethemoderatingeffectsofthisimpact.Wealsocontributetotheincentivesliteraturebyinvestigatingtheimplicationsofincentivesoninnov
6、ation,andtheheterogeneouseffectsofidenticalincentivesondifferentindividuals.Further,thestudyalsoprovidesinsightsintoimportantmicro-foundationsoffirmcapabilitiesandperformance.Keywords:Exploration;Exploitation;OrganizationalLearning;OrganizationDesign;Micro-foundations1Bothauthorsco
7、ntributedequallyandarelistedinalphabeticalorderoftheirsurnames.WearegratefulforthefeedbackprovidedbyPaoloAversa,RichardBurton,GuoliChen,DouglasFrank,HenrichGreve,QuyHuy,JayKim,DovevLavie,JoonMahnLee,YonghoonLee,DanielLevinthal,PhanishPuranam,MichelleRogan,JasjitSingh,JaeyongSong,It
8、haiStern,ToddZenger,andsem
