Abstract:   Both exploitative and explorative innovations are essential for firms to establish competitive advantages. Achieving synergy between these two types of innovation has become a key focus in the academic and business circles. The emerging co-CEO leadership structure offers a new perspective for enhancing the synergy of ambidextrous innovation. Drawing on the attention-based view, this study examined the impact and mechanisms of co-CEO leadership structure on the synergy of ambidextrous innovation. Using a sample of A-share listed companies in China from 2011 to 2022, this study found that: (1) CoCEOs have positive impacts on corporate synergy of ambidextrous innovation; (2) The breadth of strategic attention plays a mediating role in this relationship, as co-CEOs expand the breadth of strategic attention, which in turn enhances corporate synergy of ambidextrous innovation; (3) Environmental dynamism negatively moderates the relationship between co-CEO leadership and the synergy of ambidextrous innovation; and (4) Further analysis revealed that when co-CEOs possess heterogeneous functional backgrounds, power gaps, and maintain higher levels of interpersonal harmony, their positive impact on corporate synergy of ambidextrous innovation is more pronounced. This study will shed light on the underlying mechanisms through which the co-CEO leadership structure enhances the synergy of ambidextrous innovation and thus provide empirical evidence for improving innovation management effectiveness in practice.

Key words: co-CEO, strategic attention breadth, environmental dynamics, synergy of ambidextrous innovation