Abstract
This paper examined the effect of effectuation on new venture performance in the context of Chinese transitional economy.To figure out how new ventures benefit from effectuation, we examine the role of exploratory learning as the key mediator. Using the data from 266 Chinese new ventures, our results show that effectuation has a positive effect on new venture performance. Exploratory learning plays a mediating role in the relationship between effectuation and new venture performance.The empirical evidence contributes to the development of the theory of effectuation and also provides managerial guidelines for new ventures facing challenging business environment such as transitional economies.
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