Preemptive market exploitability: resource advantage theory of competition perspective


The current study aims to elucidate the critical importance of preemptive market exploitability as a bridging concept for solving the inconsistent findings on the role of entrepreneurial orientation in enhanced marketing performance. Rooted on the resource advantage theory of competition (RAToC), the preemptive move is postulated as a strategic orientation for reaching a competitive positional advantage in the market when supported by a strong entrepreneurial orientation complemented with a solid quality-based differentiation. A survey method was used to collect data after inviting four hundred owner-managers of small and medium enterprises (SMEs) to participate in this study. The structural equation modelling software AMOS tested our proposed hypotheses. The quantitative analysis resulted in accepting the proposed premises with several significant findings. The most important finding is that companies should invest in preemptive market exploitability as a strategic asset for high marketing performance.

Keyword : entrepreneurial orientation, preemptive market exploitability, quality-based differentiation, and marketing performance

How to Cite
Situmorang, T. P., Ferdinand, A. T., & Indriani, F. (2024). Preemptive market exploitability: resource advantage theory of competition perspective. Business: Theory and Practice, 25(1), 252–262.
Published in Issue
May 6, 2024
Abstract Views
PDF Downloads
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.


Abebe, M. A., & Angriawan, A. (2014). Organizational and competitive influences of exploration and exploitation activities in small firms. Journal of Business Research, 67(3), 339–345.

Abel, I. (2008). From technology imitation to market dominance: The case of iPod. Competitiveness Review, 18(3).

Acosta, A. S., Crespo, Á. H., & Agudo, J. C. (2018). Effect of market orientation, network capability and entrepreneurial orientation on international performance of small and medium enterprises (SMEs). International Business Review, 27(6), 1128–1140.

Afum, E., Agyabeng-Mensah, Y., Baah, C., Asamoah, G., & Yaw Kusi, L. (2023). Green market orientation, green value-based innovation, green reputation and enterprise social performance of Ghanaian SMEs: The role of lean management. Journal of Business & Industrial Marketing, 38(10).

Agoston, S. I. (2014). Intellectual capital in social enterprises. Management & Marketing. Challenges for the Knowledge Society, 9(4), 423–438.

Akman, G., & Yilmaz, C. (2019). Innovative capability, innovation strategy and market orientation: An empirical analysis in Turkish software industry. In Managing innovation: What do we know about innovation success factors? (pp. 139–181). World Scientific.

Al-Henzab, J., Tarhini, A., & Obeidat, B. Y. (2018). The associations among market orientation, technology orientation, entrepreneurial orientation and organizational performance. Benchmarking: An International Journal, 25(8).

Alarjani, F. N. F., Anwar, B., Danial Aslam, H., Iqbal, S., & Ayub, A. (2020). A moderated mediation model of entrepreneurial self-efficacy, institutional environment, and entrepreneurial orientation for SME development. SAGE Open, 10(3).

Aloulou, W., & Fayolle, A. (2005). A conceptual approach of entrepreneurial orientation within small business context. Journal of Enterprising Culture, 13(1), 21–45.

Alvarez, S., & Barney, J. (2017). Resource‐based theory and the entrepreneurial firm. In Strategic entrepreneurship (pp. 89–105). Research Gate.

Ambroise, L., Bérard, C., & Prim-Allaz, I. (2020). Performance implications of exploration and exploitation in SMEs: The mediating role of interaction orientation. Journal of Business & Industrial Marketing, 35(12), 1971–1981.

Anderson, S. P., & Engers, M. (2001). Preemptive entry in differentiated product markets. Economic Theory, 17(2), 419–445.

Andoh, C., Quaye, D., & Akomea-Frimpong, I. (2018). Impact of fraud on Ghanaian SMEs and coping mechanisms. Journal of Financial Crime, 25(2), 400–418.

Arbuckle, J. L. (2016). IBM® SPSS® Amos™ User’s Guide. IBM.

Arshad, A. S., Rasli, A., Arshad, A. A., & Zain, Z. M. (2014). The impact of entrepreneurial orientation on business performance: A study of technology-based SMEs in Malaysia. Procedia-Social and Behavioral Sciences, 130(2014), 46–53.

Balan, P., & Lindsay, N. (2010). Innovation capability, entrepreneurial orientation and performance in Australian hotels: An empirical study. CRC.

Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182.

Beheshti, H. M. (2004). Gaining and sustaining competitive advantage with activity based cost management system. Industrial Management & Data Systems, 104(5), 377–383.

Brouthers, K. D., Nakos, G., & Dimitratos, P. (2015). SME entrepreneurial orientation, international performance, and the moderating role of strategic alliances. Entrepreneurship Theory and Practice, 39(5), 1161–1187.

Carnes, C. M., Chirico, F., Hitt, M. A., Huh, D. W., & Pisano, V. (2017). Resource orchestration for innovation: Structuring and bundling resources in growth-and maturity-stage firms. Long Range Planning, 50(4), 472–486.

Chae, H.-C., Koh, C. E., & Park, K. O. (2017). Information technology capability and firm performance: Role of industry. Information & Management, 55(5), 525–546.

Chaston, I., & Sadler‐Smith, E. (2012). Entrepreneurial cognition, entrepreneurial orientation and firm capability in the creative industries. British Journal of Management, 23(3), 415–432.

Chen, Y.-M., Hsin-Hsien, L., Liu, Y.-S., & Huang, H.-T. (2016). A preemptive power to offensive patent litigation strategy: Value creation, transaction costs and organizational slack. Journal of Business Research, 69(5), 1634–1638.

Chen, Y.-C., Li, P.-C., & Evans, K. R. (2012). Effects of interaction and entrepreneurial orientation on organizational performance: Insights into market driven and market driving. Industrial Marketing Management, 41(6), 1019–1034.

Cho, H. E., Jeong, I., Kim, E., & Cho, J. (2023). Achieving superior performance in international markets: The roles of organizational agility and absorptive capacity. Journal of Business & Industrial Marketing, 38(4), 736–750.

Ciabuschi, F., Baraldi, E., Lindahl, O., & Callegari, S. (2020). Supporting innovation against the threat of antibiotic resistance: Exploring the impact of public incentives on firm performance and entrepreneurial orientation. Journal of Business Research, 112, 271–280.

Davcik, N. S., & Sharma, P. (2016). Marketing resources, performance, and competitive advantage: A review and future research directions. Journal of Business Research, 69(12), 5547–5552.

Dell’Era, C., & Verganti, R. (2010). Collaborative strategies in design-intensive industries: Knowledge diversity and innovation. Long Range Planning, 43(1), 123–141.

Dirisu, J. I., Iyiola, O., & Ibidunni, O. (2013). Product differentiation: A tool of competitive advantage and optimal organizational performance (A study of Unilever Nigeria PLC). European Scientific Journal, 9(34).

Dogbe, C. S. K., Hongyun, T., Pomegbe, W. W. K., Sarsah, S. A., & Otoo, C. O. A. (2020). Market orientation and new product superiority among small and medium-sized enterprises (SMEs): The moderating role of innovation capability. International Journal of Innovation Management, 24(5), 1–25.

Efrat, K., Hughes, P., Nemkova, E., Souchon, A. L., & Sy-Changco, J. (2018). Leveraging of dynamic export capabilities for competitive advantage and performance consequences: Evidence from China. Journal of Business Research, 84, 114–124.

Eggers, F., Kraus, S., Hughes, M., Laraway, S., & Snycerski, S. (2013). Implications of customer and entrepreneurial orientations for SME growth. Management Decision, 51(3).

Elgarhy, S. D., & Abou-Shouk, M. (2023). Effects of entrepreneurial orientation, marketing, and innovation capabilities, on market performance: The mediating effect of sustainable competitive advantage. International Journal of Contemporary Hospitality Management, 35(6), 1986–2004.

Escrig-Tena, A. B., Segarra-Ciprés, M., García-Juan, B., & Beltrán-Martín, I. (2018). The impact of hard and soft quality management and proactive behaviour in determining innovation performance. International Journal of Production Economics, 200, 1–14.

Ferdinand, A. (2014). Structural Equation Modelling Dalam Penelitian Manajemen. Fakultas Ekonomi dan Bisnis Universitas Diponegoro.

Farida, N., & Yakin, N. (2021). Network capability, relational capability and Indonesian manufacturing SME performance: An empirical analysis of the mediating role of product innovation. Engineering Management in Production and Services, 13(1), 41–52.

Ferdinand, A. T., & Killa, M. F. (2018). The Pareto sales network asset: A networked power perspective. Business: Theory and Practice, 19, 103–113.

Ferdinand, A. T., & Wahyuningsih, W. (2018). Salespeople’s innovativeness: A driver of sales performance. Management & Marketing, 13(2), 966–984.

Ferdinand, A. T., & Zuhroh, S. (2021). A study on socio-aesthetic value accentuation and marketing performance: An SDL perspective. International Journal of Innovation Science, 14(2).

Ferreira, J., Coelho, A., & Moutinho, L. (2020). Strategic alliances, exploration and exploitation and their impact on innovation and new product development: The effect of knowledge sharing. Management Decision, 59(3).

Ferreras-Méndez, J. L., Olmos-Peñuela, J., Salas-Vallina, A., & Alegre, J. (2021). Entrepreneurial orientation and new product development performance in SMEs: The mediating role of business model innovation. Technovation, 108, Article 102325.

Ferreras, J. L., Llopis, O., & Alegre, J. (2022). Speeding up new product development through entrepreneurial orientation in SMEs: The moderating role of ambidexterity. Industrial Marketing Management, 102, 240–251.

Fouladi, P., & Navimipour, N. J. (2017). Human resources ranking in a cloud-based knowledge sharing framework using the quality control criteria. Kybernetes, 46(5).

Griffith, D. A., Dean, T., & Yalcinkaya, G. (2021). Building and leveraging competence exploitation and exploration for firm new product success. Industrial Marketing Management, 97, 233–244.

Guo, C., Wang, Y. J., Hao, A. W., & Saran, A. (2018). Strategic positioning, timing of entry, and new product performance in business-to-business markets: Do market-oriented firms make better decisions? Journal of Business-to-Business Marketing, 25(1), 51–64.

Gupta, V. K., & Batra, S. (2016). Entrepreneurial orientation and firm performance in Indian SMEs: Universal and contingency perspectives. International Small Business Journal, 34(5), 660–682.

Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2010). Multivariate data analysis (Vol. 7). Prentice Hall.

Helfat, C. E., & Martin, J. A. (2015). Dynamic managerial capabilities: Review and assessment of managerial impact on strategic change. Journal of Management, 41(5), 1281–1312.

Hendar, H., Ferdinand, A. T., & Nurhayati, T. (2017). Introducing the religio-centric positional advantage to Indonesian small businesses. Management & Marketing, 12(1), 78–102.

Heng, L., Ferdinand, A. T., Afifah, N., & Ramadania, R. (2020). Service innovation capability for enhancing marketing performance: An SDL perspectives. Business: Theory and Practice, 21(2), 623–632.

Hiong, L. S., Ferdinand, A. T., & Listiana, E. (2020). Techno-resonance innovation capability for enhancing marketing performance: A perspective of Ra-Theory. Business: Theory and Practice, 21(1), 329–339.

Hitt, M. A., Ireland, R. D., Sirmon, D. G., & Trahms, C. A. (2011). Strategic entrepreneurship: Creating value for individuals, organizations, and society. Academy of Management Perspectives, 25(2), 57–75.

Hodgkinson, I. R., Hughes, P., Leite, H., & Lee, Y. (2023). Entrepreneurial orientation, proactive market orientation and society: Evidence from public service organizations in Brazil. International Journal of Entrepreneurial Behavior & Research.

Hofer, K. M., & Baba, A. (2018). Market entry strategies, innovation and performance of SMEs in the service sector. In N. Dominguez & U. Mayhofer, Key success factors of SME internationalisation: A cross-country perspective (International Business and Management, Vol. 34, pp. 155–171). Emerald Publishing Limited.

Huang, S. K., & Wang, Y.-L. (2011). Entrepreneurial orientation, learning orientation, and innovation in small and medium enterprises. Procedia-Social and Behavioral Sciences, 24, 563–570.

Hunt, S. D. (1997). Competing through relationships: Grounding relationship marketing in resource‐advantage theory. Journal of Marketing Management, 13(5), 431–445.

Hunt, S. D. (2014). Marketing theory: Foundations, controversy, strategy, and resource-advantage theory. Routledge.

Hunt, S. D., & Derozier, C. (2004). The normative imperatives of business and marketing strategy: Grounding strategy in resource‐advantage theory. Journal of Business & Industrial Marketing, 19(1), 5–22.

Hunt, S. D., & Morgan, R. M. (1995). The comparative advantage theory of competition. The Journal of Marketing, 59(2), 1–15.

Hunt, S. D., & Morgan, R. M. (1996). The resource-advantage theory of competition: Dynamics, path dependencies, and evolutionary dimensions. Journal of Marketing, 60(4), 107–114.

Hunt, S. D., & Morgan, R. M. (1997). Resource-advantage theory: A snake swallowing its tail or a general theory of competition? Journal of Marketing, 61(4), 74–82.

Hutahayan, B. (2021). The relationships between market orientation, learning orientation, financial literacy, on the knowledge competence, innovation, and performance of small and medium textile industries in Java and Bali. Asia Pacific Management Review, 26(1), 39–46.

Jayachandran, S., Hewett, K., & Kaufman, P. (2004). Customer response capability in a sense-and-respond era: The role of customer knowledge process. Journal of the Academy of Marketing Science, 32(3), 219–233.

Jiménez-Jiménez, D., & Sanz-Valle, R. (2011). Innovation, organizational learning, and performance. Journal of Business Research, 64(4), 408–417.

Kalkan, A., Bozkurt, Ö. Ç., & Arman, M. (2014). The impacts of intellectual capital, innovation and organizational strategy on firm performance. Procedia-Social and Behavioral Sciences, 150, 700–707.

Kamasak, R. (2015). Determinants of innovation performance: A resource-based study. Procedia-Social and Behavioral Sciences, 195, 1330–1337.

Katila, R., Chen, E. L., & Piezunka, H. (2012). All the right moves: How entrepreneurial firms compete effectively. Strategic Entrepreneurship Journal, 6(2), 116–132.

Kianto, A., Sáenz, J., & Aramburu, N. (2017). Knowledge-based human resource management practices, intellectual capital and innovation. Journal of Business Research, 81, 11–20.

Kruja, A. (2020). Entrepreneurial orientation, synergy and firm performance in the agribusiness context: An emerging market economy perspective. Central European Business Review, 9(1), 56–75.

Kuncoro, W., & Suriani, W. O. (2018). Achieving sustainable competitive advantage through product innovation and market driving. Asia Pacific Management Review, 23(3), 186–192.

Lambrechts, F., Voordeckers, W., Roijakkers, N., & Vanhaverbeke, W. (2017). Exploring open innovation in entrepreneurial private family firms in low- and medium-technology industries. Organizational Dynamics, 46(4), 244–261.

Lawson, B., & Samson, D. (2001). Developing innovation capability in organisations: A dynamic capabilities approach. International Journal of Innovation Management, 5(3), 377–400.

Leonidou, L. C., Christodoulides, P., & Thwaites, D. (2016). External determinants and financial outcomes of an eco‐friendly orientation in smaller manufacturing firms. Journal of Small Business Management, 54(1), 5–25.

Li, W., & Wang, L. (2019). Strategic choices of exploration and exploitation alliances under market uncertainty. Management Decision, 57(11), 3112–2133.

Limaj, E., & Bernroider, E. W. (2019). The roles of absorptive capacity and cultural balance for exploratory and exploitative innovation in SMEs. Journal of Business Research, 94, 137–153.

Lisboa, A., Skarmeas, D., & Lages, C. (2011). Entrepreneurial orientation, exploitative and explorative capabilities, and performance outcomes in export markets: A resource-based approach. Industrial Marketing Management, 40(8), 1274–1284.

Lisboa, A., Skarmeas, D., & Lages, C. (2013). Export market exploitation and exploration and performance. International Marketing Review, 30(3), 211–230.

Liu, G., Ko, W. W. J., Ngugi, I., & Takeda, S. (2017). Proactive entrepreneurial behaviour, market orientation, and innovation outcomes: A study of small-and medium-sized manufacturing firms in the UK. European Journal of Marketing, 51(11/12), 1980–2001.

Liu, W., & Atuahene-Gima, K. (2018). Enhancing product innovation performance in a dysfunctional competitive environment: The roles of competitive strategies and market-based assets. Industrial Marketing Management, 73, 7–20.

Łobacz, K., & Głodek, P. (2015). Development of competitive advantage of small innovative firm – How to model business advice influence within the process? Procedia Economics and Finance, 23, 487–494.

Loong Lee, W., Chong, A. L., & T., R. (2019). The effects of entrepreneurial orientation on the performance of the Malaysian manufacturing sector. Asia-Pacific Journal of Business Administration, 11(1), 30–45.

Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172.

Markides, C., & Sosa, L. (2013). Pioneering and first mover advantages: The importance of business models. Long Range Planning, 46(4–5), 325–334.

Martín-de Castro, G. (2015). Knowledge management and innovation in knowledge-based and high-tech industrial markets: The role of openness and absorptive capacity. Industrial Marketing Management, 47, 143–146.

Matsuno, K., Mentzer, J. T., & Rentz, J. O. (2005). A conceptual and empirical comparison of three market orientation scales. Journal of Business Research, 58(1), 1–8.

McKenzie, D. (2017). Identifying and spurring high-growth entrepreneurship: Experimental evidence from a business plan competition. American Economic Review, 107(8), 2278–2307.

Melián-Alzola, L., Fernández-Monroy, M., & Hidalgo-Peñate, M. (2020). Information technology capability and organisational agility: A study in the Canary Islands hotel industry. Tourism Management Perspectives, 33, Article 100606.

Milovanović, B. M., Bubaš, Z., & Mikić, M. (2021). Entrepreneurial orientation, strategic networking, and Croatian SMEs performance: A configurational approach. Business Systems Research Journal, 12(2), 236–252.

Mitariani, N., Yasa, N., Giantari, I., & Setiawan, P. (2023). Improving export performance trough innovation capability during COVID-19 pandemic: The mediation role of aesthetic-utilitarian value and positional advantage. Uncertain Supply Chain Management, 11(1), 361–374.

Mittal, V., & Raman, T. V. (2021). Examining the determinants and consequences of financial constraints faced by Micro, Small and Medium enterprises’ owners. World Journal of Entrepreneurship, Management and Sustainable Development, 17(3).

Morgan, & Anokhin, S. (2020). The joint impact of entrepreneurial orientation and market orientation in new product development: Studying firm and environmental contingencies. Journal of Business Research, 113, 129–138.

Mu, J. (2015). Marketing capability, organizational adaptation and new product development performance. Industrial Marketing Management, 49, 151–166.

Najafi-Tavani, S., Najafi-Tavani, Z., Naudé, P., Oghazi, P., & Zeynaloo, E. (2018). How collaborative innovation networks affect new product performance: Product innovation capability, process innovation capability, and absorptive capacity. Industrial Marketing Management, 73, 193–205.

Ngo, L. V., & O’Cass, A. (2012). In search of innovation and customer‐related performance superiority: The role of market orientation, marketing capability, and innovation capability interactions. Journal of Product Innovation Management, 29(5), 861–877.

Nishida, M. (2017). First-mover advantage through distribution: A decomposition approach. Marketing Science, 36(4), 590–609.

Nunnally, J. C., & Bernstein, I. H. (2007). Psychometric theory. McGraw-Hill.

O’Cass, A., Heirati, N., & Ngo, L. V. (2014). Achieving new product success via the synchronization of exploration and exploitation across multiple levels and functional areas. Industrial Marketing Management, 43(5), 862–872.

Ozdemir, S., Kandemir, D., & Eng, T.-Y. (2017). The role of horizontal and vertical new product alliances in responsive and proactive market orientations and performance of industrial manufacturing firms. Industrial Marketing Management, 64, 25–35.

Ozkaya, H. E., Droge, C., Hult, G. T. M., Calantone, R., & Ozkaya, E. (2015). Market orientation, knowledge competence, and innovation. International Journal of Research in Marketing, 32(3), 309–318.

Park, I., Cho, J., & Rao, H. R. (2012). The effect of pre- and post-service performance on consumer evaluation of online retailers. Decision Support Systems, 52(2), 415–426.

Preda, G. (2013). The influence of entrepreneurial orientation and market-based organizational learning on the firm’s strategic innovation capability. Management & Marketing, 8(4), Ar­ticle 607.

Rakthin, S., Calantone, R. J., & Wang, J. F. (2016). Managing market intelligence: The comparative role of absorptive capacity and market orientation. Journal of Business Research, 69(12), 5569–5577.

Rehman, S. U., Ashfaq, K., Bresciani, S., Giacosa, E., & Mueller, J. (2023). Nexus among intellectual capital, interorganizational learning, industrial Internet of things technology and innovation performance: A resource-based perspective. Journal of Intellectual Capital, 24(2), 509–534.

Rengkung, L. R. (2022). Exploration and exploitation: Driving organizational capability and organizational change toward competitive advantage. Management Theory and Studies for Rural Business and Infrastructure Development, 44(1), 39–51.

Salavou, H., & Lioukas, S. (2003). Radical product innovations in SMEs: The dominance of entrepreneurial orientation. Creativity and Innovation Management, 12(2), 94–108.

Segarra-Ciprés, M., Escrig-Tena, A., & García-Juan, B. (2019). Employees’ proactive behavior and innovation performance: Examining the moderating role of informal and formal controls. European Journal of Innovation Management, 22(5), 866–888.

Shan, P., Song, M., & Ju, X. (2016). Entrepreneurial orientation and performance: Is innovation speed a missing link? Journal of Business Research, 69(2), 683–690.

Shane, S., & Nicolaou, N. (2013). The genetics of entrepreneurial performance. International Small Business Journal, 31(5), 473–495.

Shelby, D. H. (2001). Commentary – a general theory of competition: Issues, answers and an invitation. European Journal of Marketing, 35(5/6), 524–548.

Simanjorang, M. S. H., Rahmanta, R., & Lubis, S. N. (2023). Analysis of added value and development strategy of cassava agroindustry in the city of Binjai, Indonesia. European Journal of Social Sciences Studies, 8(6).

Solís-Molina, M., Hernández-Espallardo, M., & Rodríguez-Orejuela, A. (2018). Performance implications of organizational ambidexterity versus specialization in exploitation or exploration: The role of absorptive capacity. Journal of Business Research, 91, 181–194.

Stojcic, N., Hashi, I., & Orlic, E. (2018). Creativity, innovation effectiveness and productive efficiency in the UK. European Journal of Innovation Management, 21(4).

Su, L., Cui, A. P., Samiee, S., & Zou, S. (2022). Exploration, exploitation, ambidexterity and the performance of international SMEs. European Journal of Marketing, 56(5).

Suarez, F. F., & Lanzolla, G. (2007). The role of environmental dynamics in building a first mover advantage theory. The Academy of Management Review, 32(2), 377–392.

Tabachnick, B. G., & Fidell, L. S. (2012). Using multivariate statistics. Person Publishers.

Taghvaee, S., & Talebi, K. (2023). Market orientation in uncertain environments: The enabling role of effectuation orientation in new product development. European Management Journal, 41(2), 323–335.

Tokman, M., Davis, L. M., & Lemon, K. N. (2007). The WOW factor: Creating value through win-back offers to reacquire lost customers. Journal of Retailing, 83(1), 47–64.

Udriyah, U., Tham, J., & Azam, S. (2019). The effects of market orientation and innovation on competitive advantage and business performance of textile SMEs. Management Science Letters, 9(9), 1419–1428.

Van den Broeck, J., Cunningham, S. A., Eeckels, R., & Herbst, K. (2005). Data cleaning: detecting, diagnosing, and editing data abnormalities. PLoS Medicine, 2(10), Article e267.

Verhees, F., & Meulenberg, M. (2004). Market orientation, innovativeness, product innovation, and performance in small firms. Journal of Small Business Management, 42(2), 134–154.

Voss, G. B., & Voss, Z. G. (2000). Strategic orientation and firm performance in an artistic environment. Journal of Marketing, 64(1), 67–83.

Wahyuni Ni, M., & Sara, I. M. (2020). The effect of entrepreneurial orientation variables on business performance in the SME industry context. Journal of Workplace Learning, 32(1), 35–62.

Wongsansukcharoen, J., & Thaweepaiboonwong, J. (2023). Effect of innovations in human resource practices, innovation capabilities, and competitive advantage on small and medium enterprises’ performance in Thailand. European Research on Management and Business Economics, 29(1), Article 100210.

Yalcinkaya, G., Calantone, R., & Griffith, D. A. (2007). An examination of exploration and exploitation capabilities: Implications for product innovation and market performance. Journal of International Marketing, 15(4).

Yoo, J., & Kim, J. (2019). The effects of entrepreneurial orientation and environmental uncertainty on Korean technology firms’ R&D investment. Journal of Open Innovation: Technology, Market, and Complexity, 5(2).

Yuniarsih, T., & Sugiharto, M. (2016). Human resource management model to create superior performance. International Journal of Education, 9(1), 75–81.

Zhang, H., Wu, F., & Cui, A. S. (2015). Balancing market exploration and market exploitation in product innovation: A contingency perspective. International Journal of Research in Marketing, 32(3), 297–308.

Zheng, F. (2016). Spatial competition and preemptive entry in the discount retail industry (Columbia Business School Research Paper (16-37)). SSRN.