本研究以企業行為理論與注意力基礎觀點為根本，在股票分析師特徵的情境架構中探討績效回饋對策略變革的影響。透過分析 2001 年至2019 年間台灣電子企業的資料，研究指出，當企業績效低於期望值時，會促使其進行策略變革；相反地，當績效高於期望值時，則會引發保守態度。股票分析師的關注可刺激企業重新調整其注意力結構，進而削弱績效回饋與策略變革之間的關聯。然而，當股票分析師之間的評價變得更加分歧時，分析師關注在企業績效低於期望值的情境下所發揮的調節作用將受到部分限制。

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Grounded in the Behavioral Theory of the Firm and Attention-Based View, the study investigates the strategic change effect of performance feedback within a contextual framework of stock analyst attributes. Drawing on data from Taiwanese electronic firms during the 2001-2019 period, the study suggests that below-aspiration performance prompts strategic change, whereas above-aspiration performance induces a conservative attitude. By making a stimulus to revise the attention structure, analyst coverage weakens the connection between performance feedback and strategic change. Yet, when evaluations among stock analysts become more inconsistent, the moderating role of analyst coverage in below-aspiration performance scenarios is partially constrained.

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