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We develop a contextualized theory that explains how CEOs’ relative compensation perceptions shape how small- to medium-sized firms (SMEs) engage in exploratory innovation efforts. While both underpaid and overpaid CEOs are likely to search for exploratory innovation opportunities, we suggest that the relationship is increasing for underpaid CEOs and decreasing for overpaid CEOs. We also follow recent suggestions in strategic leadership research to integrate compensation and dispositional predictors of executive behavior (i.e. person-pay interactions) and hypothesize how CEOs’ compensation perceptions interact with CEOs’ risk propensity to explain SMEs’ engagement in exploratory innovation. Our results from a sample of 381 SMEs in Colombia highlight the importance of studying compensation perceptions as predictors of strategic choices in specific contexts. We also show the relevance of studying …