Despite its long tradition and well‐known contributions, corporate strategy research is yet far from being mature. This paper proposes an innovative framework that approaches the field from the theoretical perspective provided by complexity theory. We propose to see the corporate level of the organization as the driver, pacer and framer of the overall firm's evolution process. Drive is provided by the cognitive representation of the corporate fitness landscape that is implicit in the firm's corporate plan. Pacing is a consequence of the kind of strategic initiatives (‘search strategy’) developed by the company. Framing is achieved through the architectural design that the corporate level implements for the firm.

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The McKinsey 7S model was developed during the late 70s by the McKinsey & Co. as a conceptual framework “useful in diagnosing the causes of organizational malaise and in formulating programs for improvement”. The model constituted an attempt to provide a response to the widespread frustration experienced by executives at the time of dealing effectively with general management problems related to strategic and organizational factors. The framework surpasses the classic simplistic notion that “structure follows strategy” as it links strategy not only with structure but also with other five elements. In addition to Strategy and Structure, the other elements or variables of the framework that we discuss below are the following: shared values, skills, staff, systems and style.

In this paper, we explore the application of the construct exploitation and exploration at the level of the corporate strategy of the firm. For that purpose, we operationalized and formalized the analysis through the development of a set of agent‐based simulations which capture and describe the evolution of firms led by exploitative and explorative corporate strategies in business environments showing different levels of complexity. Results indicate that the relative performances of exploitative strategies vs those characterized by an opportunistic combination of exploitation and exploration, are contingent on the characteristics of the environment in which the firm operates and the quality of the corporate strategic plans that determine the initial strategic positioning of the firm.

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