In entrepreneurship, entrepreneurial exploration and exploitation have been considered central activities for the survival, growth, and renewal of businesses. In this review we systematically examine research on these topics in family business. Our review comprises 59 publications examining exploration and/or exploitation in family firms published between 2001 and 2015 in 32 publications. The article highlights the contributions of family business in this area and reveals additional areas where a stronger connection between these concepts and the family business field could be developed. We suggest several new research directions that may enhance the understanding of these entrepreneurial activities in family business.
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