“…March (1991) stated that "exploration" includes things captured by terms such as search, variation, risk taking, experimentation, play, flexibility, discovery, innovation. Previous studies have mainly used questionnaire-based approach (Chen et al, 2018;Xie & Gao, 2018;Wang et al, 2019;Wu & Peng, 2020) or patent-based (Yu & Chen, 2019;Xu et al, 2017;Lu & Pohkam, 2019) indicators to measure exploratory innovation. However, despite of potential heterogeneity, endogeneity and other problems (Ugur, 2013;Gatti et al, 2015), the questionnaire-based approach may also lack generalizability and applicability for a broad sample context (Uotila et al, 2009), such as the sample of publicly listed firms in this study.…”