Fig. 5

Disputes within management: Probabilities of the four strategies under ambiguity. \(PC\), \(PB\), \(PL\), and \(PG\) represent the probabilities of pursuing compulsive, buy-and-hold, leapfrog, and laggard strategies, respectively. To obtain conservative results, we choose a low level of ambiguity (\(c=0.4\)) as executive managers’ perceived ambiguity. Panels A and B show the innovation strategies for varying \({\mathbb{E}}(T)\) and for varying \(\mu\), respectively. Compared with no disputes within management (left graphs), \(PL\) and \(PG\) rise but \(PC\) and \(PB\) decline when disputes are present (right graphs)