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Purpose: The study aims to provide suggestions for project-based firms (PBFs) to create value through the development of social capital, collaborative environment and organisational learning (exploratory & exploitative learning). In this regard, a conceptual model is proposed that examines the interrelations between social capital, collaborative environment and exploratory & exploitative learning in the context of PBFs. Design/methodology/approach: A semi-systematic literature review focussed on interrelations between social capital, exploratory & exploitative learning and collaborative environment was undertaken. Top ranked journals and highly relevant journal articles in the management domain were considered for the review. To analyse literature, the content analysis technique incorporating NVIVO 12 software was adopted. Findings: Conceptual model suggests that social capital positively affects exploratory & exploitative learning through collaborative environment in PBFs. Three dimensions of social capital (network ties, trust and shared goals) create collaborative environment and collaborative environment enhances organisational learning in PBFs across different levels. Ultimately, social capital, collaborative environment and exploratory & exploitative learning contribute to value creation in PBFs. Originality/value: Although the relationship between social capital and exploratory & exploitative learning has been researched previously, findings remain inconsistent. This study provides an alternative perspective to discuss this relationship with the proposed mediating construct: collaborative environment. Considering the context of PBFs, a conceptual model was developed to explain the interrelations between social capital, collaborative environment and learning. This study especially discusses collaborative environment as a value creation factor.

Empirical evidence on the external knowledge search behaviour of construction firms and its effects on innovation ambidexterity (IA) and performance is limited. The purpose of this study is to examine the effects of external knowledge sources on IA and the mediating role of IA in the relationship between external knowledge sources and financial performance (FP) in construction firms. It tests the hypotheses developed using survey responses from management personnel in Hong Kong construction firms. The results indicate that knowledge from clients or suppliers has a significant effect on IA. Similarly, knowledge sourced from universities and research institutions has a significant positive impact on IA. However, only knowledge from clients directly affects FP. IA fully mediates the relationships between knowledge from clients, suppliers or universities and research institutions with FP but not the other three sources. While partly validating some existing studies, these findings also extend the current knowledge on the connection between external knowledge sources and IA. This shows how IA can translate external knowledge into financial outcomes, revealing the value of different knowledge sources for firms. The findings provide insights into how construction firms can direct their knowledge searches to enhance ambidexterity and financial outcomes. This study showed the importance of external collaborators for construction firms in achieving IA and FP. It contributes to the theory and practice on the antecedents and outcomes of IA in construction firms and the path-dependent processes to enhance FP through the use of external knowledge to simultaneously pursue exploratory and exploitative innovation. [ABSTRACT FROM AUTHOR]