EM is a strategic orientation that draws on seven elements: proactiveness, opportunity-focus, risk-taking orientation, innovation orientation, customer satisfaction orientation, value creation and resource leveraging. These elements reinforce each other in a synergistic manner. We investigate how EM affects a new venture's exploitative and exploratory innovation activities. To identify conditions under which EM is more or less effective, we analyze the relationship between EM and exploitative and exploratory innovation under conditions of high and low environmental competitiveness and high and low levels of firm size. Based on survey data from 146 German new ventures up to ten years old in the B2B sector, our results provide evidence of a significant and positive effect of EM on exploitative and exploratory innovation. We find, further, that under conditions of high competitive intensity, the effects of EM on exploratory innovation strengthen, while low levels of competitive intensity do not affect the relationship between EM and exploratory innovation. Our results also show that for larger firms, the positive effects of EM on exploitative innovation are weaker, while for smaller firms, those effects are stronger.

EM是一个战略方向，它借鉴了七个要素：主动性，以机会为中心，承担风险的方向，创新方向，客户满意度方向，价值创造和资源利用。这些元素以协同方式相互增强。我们调查EM如何影响新企业的开发和探索性创新活动。为了确定EM或多或少有效的条件，我们分析了EM在高和低环境竞争力以及高和低规模企业规模条件下与探索性和探索性创新之间的关系。根据来自B2B领域长达十年的146家德国新企业的调查数据，我们的结果提供了证据表明EM对探索性和探索性创新具有显着而积极的影响。我们进一步发现，在竞争强度高的条件下，新兴市场对探索性创新的影响会增强，而竞争强度低则不会影响新兴市场与探索性创新之间的关系。我们的结果还表明，对于较大的公司，新兴市场对剥削性创新的积极作用较弱，而对于较小的公司，这些影响则较强。