Abstract
Despite the many advances in the Behavioral Theory of the Firm (BTOF) literature regarding the outcomes of problemistic search, most research has utilized only one search outcome and treated change as unidimensional. Furthermore, research that addresses how firms identify and select appropriate solutions also remains scant. In this study, we first take into consideration the importance of treating change as multidimensional in nature, and incorporate networks theory to explain how a firm’s network structure can differentially affect problemistic search beyond our current understanding. Utilizing the venture capital (VC) industry as our context and a longitudinal panel of 718 VCs from 2010 to 2015, our results indicate that firms can change in specific strategic directions (i.e., portfolio shift as opposed to portfolio entrenchment), and such changes can be further facilitated by their network.
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