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Institutional change and network evolution: explorative and exploitative tie formations of co-inventors during the dot-com bubble in the Research Triangle region

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  • Max-Peter Menzel
  • Maryann P. Feldman
  • Tom Broekel

Abstract

Institutional change and network evolution: explorative and exploitative tie formations of co-inventors during the dot-com bubble in the Research Triangle region. Regional Studies. This paper investigates how institutions impact tie formation, arguing that institutions can direct firm strategies towards exploration or towards exploitation. It translates these strategies into tie formations: explorative tie formation produces structural holes as a source of good ideas, while exploitative tie formation closes structural holes to facilitate the mobilization of resources to move ideas into products. Using the example of co-inventors in information and communication technology in Research Triangle region during the dot-com bubble, explorative tie formation during the bubble and exploitative tie formations after its burst were expected. Stochastic actor-oriented models did not clearly support our assumptions. It was found that the emergence of venture capital led to a large variance in connection patterns during the bubble, probably resulting from overlapping institutional effects. After the burst of the bubble, these incoherencies disappeared.

Suggested Citation

  • Max-Peter Menzel & Maryann P. Feldman & Tom Broekel, 2017. "Institutional change and network evolution: explorative and exploitative tie formations of co-inventors during the dot-com bubble in the Research Triangle region," Regional Studies, Taylor & Francis Journals, vol. 51(8), pages 1179-1191, August.
    • Handle: RePEc:taf:regstd:v:51:y:2017:i:8:p:1179-1191
    DOI: 10.1080/00343404.2016.1278300
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    1. Abbasiharofteh, Milad & Kogler, Dieter F. & Lengyel, Balázs, 2023. "Atypical combinations of technologies in regional co-inventor networks," Research Policy, Elsevier, vol. 52(10).
    2. Hermans, Frans, 2021. "The contribution of statistical network models to the study of clusters and their evolution," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 100(2), pages 379-403.
    3. Graf, Holger & Broekel, Tom, 2020. "A shot in the dark? Policy influence on cluster networks," Research Policy, Elsevier, vol. 49(3).
    4. Mads Bruun Ingstrup & Max-Peter Menzel, 2019. "The emergence of relatedness between industries: The example of offshore oil and gas and offshore wind energy in Esbjerg, Denmark," PEGIS geo-disc-2019_15, Institute for Economic Geography and GIScience, Department of Socioeconomics, Vienna University of Economics and Business.
    5. Sonja Opper, 2023. "Social network and institution-based strategy research," Asia Pacific Journal of Management, Springer, vol. 40(1), pages 329-351, March.
    6. Kumar, Amit & Operti, Elisa, 2025. "Recessions, institutions, and regional exploration," Research Policy, Elsevier, vol. 54(3).
    7. Mads Bruun Ingstrup & Max-Peter Menzel, 2019. "The emergence of relatedness between industries: The example of offshore oil and gas and offshore wind energy in Esbjerg, Denmark," Papers in Evolutionary Economic Geography (PEEG) 1929, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Oct 2019.
    8. Abbasiharofteh, Milad & Broekel, Tom, 2021. "Still in the shadow of the wall? The case of the Berlin biotechnology cluster," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 53(1), pages 73-94.
    9. Abbasiharofteh, Milad, 2020. "Endogenous effects and cluster transition: a conceptual framework for cluster policy," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 28(12), pages 2508-2531.
    10. Barbosa, Sergio & Sáiz, Patricio & Zofío, José L., 2024. "The emergence and historical evolution of innovation networks: On the factors promoting and hampering patent collaboration in technological lagging economies," Research Policy, Elsevier, vol. 53(5).
    11. Milad Abbasiharofteh & Amir Maghssudipour, 2024. "Driving Forces Behind Relational Knowledge Sourcing in Clusters: Single- and Multilevel Approaches," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(4), pages 15761-15787, December.
    12. Francesco Quatraro & Stefano Usai, 2017. "Knowledge flows, externalities and innovation networks," Regional Studies, Taylor & Francis Journals, vol. 51(8), pages 1133-1137, August.
    13. Milad Abbasiharofteh & Tom Broekel & Lars Mewes, 2024. "The role of geographic distance and technological complexity in U.S. interregional co-patenting over almost two centuries," Environment and Planning A, , vol. 56(7), pages 2003-2022, October.

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