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文献来源 metamorphosis We divided the R D expenditures by total assets to derive the exploration level, and we divided marketing expenditures (the total amount of sale and distribution expenses and general administration expenses) by total assets to derive the exploitation level. Since the one-year value of metamorphosis is turbulent and does not reveal a firm’s strategic trend, we calculated the average metamorphosis over the past three years. For instance, the metamorphosis in 2014 will reflect how the learning orientation changed from exploitation to exploration from 2011 to 2014. The equation of metamorphosis from exploitation to exploration was calculated as follows： Yang, Y., et al. (2024). With or without metamorphosis of learning Orientation: Post-Cross-Border mergers and acquisitions performance of emerging multinational enterprises. Journal of Business Research. （完）
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