This study advances family business research by examining how the strategic consistency with which family businesses pursue exploration and exploitation initiatives affects performance. Using panel data of 94 family businesses operating in four high-tech industries over 12 years, we find that higher strategic consistency—continuity with past exploration and exploitation strategies stemming from managerial intentionality—yields higher levels of performance. This relationship is also moderated by environmental dynamism, munificence, and organizational size, which demonstrates the contingent and complex nature of the main relationship. Furthermore, in contrast to 113 nonfamily businesses, we find that the main relationship is stronger for family businesses.
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