Acknowledgement

We are grateful for comments from Gianluca Carnabuci, Jerker Denrell, Christina Fang, Ronald Klingebiel, Ray Reagans, Katie Shonk, Zur Shapira, Maciej Workiewicz, Ezra Zuckerman, and participants from a seminar at the MIT, the 2019 Theoretical and Organizational Models Society meeting, and the 2020 Carnegie School of Organizational Learning Conference. An earlier version of this paper is included in the 2021 Academy of Management Best Paper Proceedings and the finalist of the Best Conference Paper at the Organization and Management Theory division. We are also grateful to editor Christine Beckman and the reviewers for their thoughtful guidance and suggestions.