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Abstract
This study aims to explore the impact of top management team diversity (through multi-generational and non-family managerial involvement) on the ambidextrous innovation capability of family businesses. It also examines the mediating role of open innovation breadth and the moderating role of absorptive capacity. Employing a quantitative approach, data were collected via survey questionnaires from 258 family-owned small and medium-sized enterprises (SMEs) in Ho Chi Minh City. The data were then analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) via SmartPLS software. The findings reveal that both generational involvement and non-family management positively and directly affect ambidextrous innovation. Furthermore, open innovation breadth partially mediates these relationships. The study also confirms that absorptive capacity positively moderates the effect of open innovation on flexibility in both exploratory and exploitative innovation. Based on these findings, practical managerial implications are proposed to help family businesses restructure their leadership, expand their partner ecosystems, and cultivate knowledge capacity to break through resource constraints and achieve sustainable development.