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。

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.

Ali, A., Liu, M., Xu, D., & Yao, T. (2019). Corporate disclosure, analyst forecast
dispersion, and stock returns. Journal of Accounting, Auditing & Finance, 34(1), 54-73. https://doi.org/10.1177/0148558X16674857

Andrei, A. G., Benischke, M. H., & Martin, G. P. (2024). Behavioral agency and the
efficacy of analysts as external monitors: Examining the moderating role of CEO personality. Strategic Management Journal, 45(1), 113-143.
https://doi.org/10.1002/smj.3548

Back, P., Rosing, K., Dickler, T. A., Kraft, P. S., & Bausch, A. (2020). CEOs’ temporal
focus, firm strategic change, and performance: Insights from a paradox perspective. European Management Journal, 38(6), 884-899.
https://doi.org/10.1016/j.emj.2020.04.009

Bascle, G., & Jung, J. (2023). Caught in an expectations trap: Risks of giving securities
analysts what they expect. Organization Science, 34(1), 176-196.
https://doi.org/10.1287/orsc.2021.1569

Bauer, F., & Friesl, M. (2024). Synergy evaluation in mergers and acquisitions: An
attention‐based view. Journal of Management Studies, 61(1), 37-68. https://doi.org/10.1111/joms.12804

Becher, D. A., Cohn, J. B., & Juergens, J. L. (2015). Do stock analysts influence merger
completion? An examination of postmerger announcement recommendations. Management Science, 61(10), 2430-2448. https://doi.org/10.1287/mnsc.2014.2065

Bednar, M. K., Boivie, S., & Prince, N. R. (2013). Burr under the saddle: How media
coverage influences strategic change. Organization Science, 24(3), 910-925. https://doi.org/10.1287/orsc.1120.0770

Berchicci, L., & Tarakci, M. (2022). Aspiration formation and attention rules. Strategic
Management Journal, 43(8), 1575-1601. https://doi.org/10.1002/smj.3371

Bilgili, T. V., Kedia, B. L., & Bilgili, H. (2016). Exploring the influence of resource
environments on absorptive capacity development: The case of emerging market firms. Journal of World Business, 51(5), 700-712.
https://doi.org/10.1016/j.jwb.2016.07.008

Boh, W. F., Huang, C. J., & Wu, A. (2020). Investor experience and innovation Boh, W. F., Huang, C. J., & Wu, A. (2020). Investor experience and innovation performance: The mediating role of external cooperation. Strategic Management Journal, 41(1), 124-151. https://doi.org/10.1002/smj.3089

Brauer, M., & Wiersema, M. (2018). Analyzing analyst research: A review of past coverage and recommendations for future research. Journal of Management, 44(1), 218-248. https://doi.org/10.1177/0149206317734900

Brem, A., Nylund, P., & Viardot, E. (2020). The impact of the 2008 financial crisis on innovation: A dominant design perspective. Journal of Business Research, 110, 360-369. https://doi.org/10.1016/j.jbusres.2020.01.048

Cai, J., & Canales, J. I. (2024). Attention focus and attention framework: A configuration perspective of attention to innovation. British Journal of Management, 35(2), 914-931. https://doi.org/10.1111/1467-8551.12744

Capezio, A., Shields, J., & O'Donnell, M. (2011). Too good to be true: Board structural
independence as a moderator of CEO pay‐for‐firm‐performance. Journal of Management Studies, 48(3), 487-513.
https://doi.org/10.1111/j.1467-6486.2009.00895.x

Chang, H. Y., Lee, C. Y., & Wong, Y. J. (2019). The impact of earnings pressure on
exploratory innovation. R&D Management, 49(4), 470-483.
https://doi.org/10.1111/radm.12334

Chen, C.-J., Lin, B.-W., Lin, Y.-H., & Hsiao, Y.-C. (2016a). Ownership structure,
independent board members and innovation performance: A contingency perspective. Journal of Business Research, 69(9), 3371-3379.
https://doi.org/10.1016/j.jbusres.2016.02.007

Chen, G., Crossland, C., & Huang, S. (2016b). Female board representation and
corporate acquisition intensity. Strategic Management Journal, 37(2), 303-313.
https://doi.org/10.1002/smj.2323

Chen, I. F., & Chang, S. C. (2020). Spillover effects of capital expenditure
announcements within business groups. British Journal of Management, 31(4), 709-727. https://doi.org/10.1111/1467-8551.12379

Chen, J.-R., Kan, K., & Tung, I.-H. (2016c). Scientific linkages and firm productivity:
Panel data evidence from Taiwanese electronics firms. Research Policy, 45(7),
1449-1459. https://doi.org/10.1016/j.respol.2016.03.023

Chen, S.-Y., Chuang, C.-H., & Chen, S.-J. (2018). A conceptual review of human resource management research and practice in Taiwan with comparison to select economies in East Asia. Asia Pacific Journal of Management, 35(1), 213-239. https://doi.org/10.1007/s10490-017-9516-1

Chen, S., Chen, X., & Cheng, Q. (2014). Conservatism and equity ownership of the
founding family. European Accounting Review, 23(3), 403-430.
https://doi.org/10.1080/09638180.2013.814978

Chen, T., Xie, L., & Zhang, Y. (2017). How does analysts' forecast quality relate to
corporate investment efficiency? Journal of Corporate Finance, 43, 217-240. https://doi.org/10.1016/j.jcorpfin.2016.12.010

Cheng, C. C., & Shiu, E. C. (2020). What makes social media-based supplier network
involvement more effective for new product performance? The role of network structure. Journal of Business Research, 118, 299-310.
https://doi.org/10.1016/j.jbusres.2020.06.054

Cheng, L., Xie, E., Fang, J., & Mei, N. (2022). Performance feedback and firms’ relative
strategic emphasis: The moderating effects of board independence and media coverage. Journal of Business Research, 139, 218-231.
https://doi.org/10.1016/j.jbusres.2021.09.021

Chi, W., Wu, S.-J., & Zheng, Z. (2020). Determinants and consequences of voluntary
corporate social responsibility disclosure: Evidence from private firms. The British
Accounting Review, 52(6), 100939. https://doi.org/10.1016/j.bar.2020.100939

Chien, M.-S., Lee, C.-C., Hu, T.-C., & Hu, H.-T. (2015). Dynamic Asian stock market
convergence: Evidence from dynamic cointegration analysis among China and ASEAN-5. Economic Modelling, 51, 84-98.
https://doi.org/10.1016/j.econmod.2015.06.024

Choi, J., Rhee, M., & Kim, Y.-C. (2019). Performance feedback and problemistic search:
The moderating effects of managerial and board outsiderness. Journal of Business Research, 102, 21-33. https://doi.org/10.1016/j.jbusres.2019.04.039

Cull, R., & Peria, M. S. M. (2013). Bank ownership and lending patterns during the
2008–2009 financial crisis: Evidence from Latin America and Eastern Europe. Journal of Banking & Finance, 37(12), 4861-4878.
https://doi.org/10.1016/j.jbankfin.2013.08.017

Currim, I. S., Lim, J., & Zhang, Y. (2018). Effect of analysts’ earnings pressure on marketing spending and stock market performance. Journal of the Academy of
Marketing Science, 46(3), 431-452. https://doi.org/10.1007/s11747-017-0540-y

Cyert, R. M., & March, J. G. (1963). A behavioral theory of the firm. Englewood Cliffs,
Prentice Hall.

Dawson, J. F. (2014). Moderation in management research: What, why, when, and how.
Journal of Business and Psychology, 29(1), 1-19.
https://doi.org/10.1007/s10869-013-9308-7

Dawson, J. F. (2014). Moderation in management research: What, why, when, and how.
Journal of Business and Psychology, 29(1), 1-19.
https://doi.org/10.1007/s10869-013-9308-7

Desender, K. A., Aguilera, R. V., Crespi, R., & GarcÍa‐cestona, M. (2013). When does
ownership matter? Board characteristics and behavior. Strategic Management Journal, 34(7), 823-842. https://doi.org/10.1002/SMJ.2046

DesJardine, M., & Bansal, P. (2019). One step forward, two steps back: how negative
external evaluations can shorten organizational time horizons. Organization Science, 30(4), 761-780. https://doi.org/10.1287/orsc.2018.1259

Dessaint, O., Eckbo, B. E., & Golubov, A. (2025). Bidder-specific synergies and the
evolution of acquirer returns. Management Science, 71(2), 1391-1417. https://doi.org/10.1287/mnsc.2022.02208

Dhanorkar, S. S., Siemsen, E., & Linderman, K. W. (2018). Promoting change from the
outside: Directing managerial attention in the implementation of environmental improvements. Management Science, 64(6), 2535-2556.
https://doi.org/10.1287/mnsc.2017.2748

Dion, D., Pavlyuchenko, R., & Prokopec, S. (2025). The enrichment economy: Market
dynamics, brand strategy, and ethics. Journal of Marketing, 89(2), 96-118. https://doi.org/10.1177/00222429241275014

Dominguez CC, M., Galán-González, J. L., & Barroso, C. (2015). Patterns of strategic
change. Journal of Organizational Change Management, 28(3), 411-431. https://doi.org/10.1108/JOCM-05-2014-0097

Dong, J. Q. (2021). Technological choices under uncertainty: Does organizational
aspiration matter? Strategic Management Journal, 42(5), 898-916.
https://doi.org/10.1002/smj.3253

Downes, L., & Nunes, P. (2013). Blockbuster becomes a casualty of big bang disruption. Harvard Business Review, 7.
https://hbr.org/2013/11/blockbuster-becomes-a-casualty-of-big-bang-disruption

Duke, J., Havakhor, T., Mui, R., & Parker, O. (2024). How strategic alliances shape problemistic search intensity: Evidence from responses to social and historical underperformance. Long Range Planning, 57(3), 102437.
https://doi.org/10.1016/j.lrp.2024.102437

Finkelstein, S., & Hambrick, D. C. (1990). Top-management-team tenure and
organizational outcomes: The moderating role of managerial discretion. Administrative Science Quarterly, 35(3), 484-503. https://doi.org/10.2307/2393314

Galavotti, I., Cerrato, D., & Depperu, D. (2017). Experience and cross‐border
acquisitions: an organizational learning perspective. European Management Review, 14(2), 119-131. https://doi.org/10.1111/emre.12094

Galbreath, J. (2018). Do boards of directors influence corporate sustainable
development? An attention‐based analysis. Business Strategy and the Environment, 27(6), 742-756. https://doi.org/10.1002/bse.2028

Gao, Y., Yang, H., & Zhang, M. (2021). Too bad to fear, too good to dare? Performance
feedback and corporate misconduct. Journal of Business Research, 131, 1-11. https://doi.org/10.1016/j.jbusres.2021.03.041

García‐Sánchez, I. M., Gómez‐Miranda, M. E., David, F., & Rodríguez‐Ariza, L. (2019).
Analyst coverage and forecast accuracy when CSR reports improve stakeholder engagement: The Global Reporting Initiative‐International Finance Corporation disclosure strategy. Corporate Social Responsibility and Environmental Management, 26(6), 1392-1406. https://doi.org/10.1002/csr.1755

Gavetti, G., Greve, H. R., Levinthal, D. A., & Ocasio, W. (2012). The behavioral theory
of the firm: Assessment and prospects. Academy of Management Annals, 6(1), 1-40. https://doi.org/10.5465/19416520.2012.656841

Gentry, R. J., & Shen, W. (2013). The impacts of performance relative to analyst
forecasts and analyst coverage on firm R&D intensity. Strategic Management Journal, 34(1), 121-130. https://doi.org/10.1002/smj.1997

Giarratana, M. S., Pasquini, M., & Santaló, J. (2021). Leveraging synergies versus
resource redeployment: Sales growth and variance in product portfolios of diversified firms. Strategic Management Journal, 42(12), 2245-2272.
https://doi.org/10.1002/smj.3281

Goranova, M., Dharwadkar, R., & Brandes, P. (2010). Owners on both sides of the deal: Mergers and acquisitions and overlapping institutional ownership. Strategic Management Journal, 31(10), 1114-1135. https://doi.org/10.1002/smj.849

Greve, H. R. (2003). A behavioral theory of R&D expenditures and innovations:
Evidence from shipbuilding. Academy of Management Journal, 46(6), 685-702. https://doi.org/10.5465/30040661

Gu, Z., Li, Z., & Yang, Y. G. (2013). Monitors or predators: The influence of institutional
investors on sell-side analysts. The Accounting Review, 88(1), 137-169. https://doi.org/10.2308/accr-50263

Gul, F. A., Hutchinson, M., & Lai, K. M. (2013). Gender-diverse boards and properties of
analyst earnings forecasts. Accounting Horizons, 27(3), 511-538. https://doi.org/10.2308/acch-50486

Hagen, M., Su, W., & Junge, S. (2023). 60th birthday of ‘A Behavioral Theory of the Firm’: A review of the relational concepts and recommendations for future research. Management Review Quarterly, 74(4), 2637-2682.
https://doi.org/10.1007/s11301-023-00369-x

Haleblian, J., McNamara, G., Kolev, K., & Dykes, B. (2012). Exploring firm
characteristics that differentiate leaders from followers in industry merger waves: A competitive dynamics perspective. Strategic Management Journal, 33(9), 1037-1052. https://doi.org/10.1002/smj.1961

Harjoto, M. A., & Jo, H. (2015). Legal vs. normative CSR: Differential impact on analyst
dispersion, stock return volatility, cost of capital, and firm value. Journal of Business Ethics, 128(1), 1-20. https://doi.org/10.1007/s10551-014-2082-2

Haynes, K. T., & Hillman, A. (2010). The effect of board capital and CEO power on
strategic change. Strategic Management Journal, 31(11), 1145-1163. https://doi.org/10.1002/smj.859

He, J. J., & Tian, X. (2013). The dark side of analyst coverage: The case of innovation.
Journal of Financial Economics, 109(3), 856-878.
https://doi.org/10.1016/j.jfineco.2013.04.001

Helfat, C. E., & Martin, J. A. (2015). Dynamic managerial capabilities: Review and
assessment of managerial impact on strategic change. Journal of Management, 41(5), 1281-1312. https://doi.org/10.1177/0149206314561301

Heubeck, T., & Ahrens, A. (2025). Governing the responsible investment of slack
resources in environmental, social, and governance (ESG) performance: How beneficial are CSR committees? Journal of Business Ethics, 198, 365-385. https://doi.org/10.1007/s10551-024-05798-6

Hoskisson, R. E., Chirico, F., Zyung, J., & Gambeta, E. (2017). Managerial risk taking: A multitheoretical review and future research agenda. Journal of Management, 43(1),
137-169. https://doi.org/10.1177/0149206316671583

Hsu, W.-H., & Chang, Y.-L. (2011). Intellectual capital and analyst forecast: evidence
from the high-tech industry in Taiwan. Applied Financial Economics, 21(15), 1135-1143. https://doi.org/10.1080/09603107.2011.564129

Jang, W.-Y., & Ho, C.-C. (2022). The sobering up effect: Why analysts become less
optimistic as the release of actual earnings gets closer. Journal of Behavioral Finance, 23(3), 281-300. https://doi.org/10.1080/15427560.2020.1867141

Joseph, J., & Gaba, V. (2015). The fog of feedback: Ambiguity and firm responses to
multiple aspiration levels. Strategic Management Journal, 36(13), 1960-1978.
https://doi.org/10.1002/smj.2333

Joseph, J., Klingebiel, R., & Wilson, A. J. (2016). Organizational structure and
performance feedback: Centralization, aspirations, and termination decisions. Organization Science, 27(5), 1065-1083. https://doi.org/10.1287/orsc.2016.1076

Jung, B., Sun, K. J., & Yang, Y. S. (2012). Do financial analysts add value by facilitating
more effective monitoring of firms’ activities? Journal of Accounting, Auditing & Finance, 27(1), 61-99. https://doi.org/10.1177/0148558X11409144

Keum, D. D., & Ryan, S. (2024). Strategic upward striving toward $100 million revenue:
setting goals to attract external attention. Organization Science, 35(3), 974-993. https://doi.org/10.1287/orsc.2021.15148

Kim, J.-Y., Finkelstein, S., & Haleblian, J. (2015). All aspirations are not created equal:
The differential effects of historical and social aspirations on acquisition behavior. Academy of Management Journal, 58(5), 1361-1388.
https://doi.org/10.5465/amj.2012.1102

Kim, S., & Na, H. (2020). Earnings information, arbitrage constraints, and the forecast
dispersion anomaly. Finance Research Letters, 35, 101311. https://doi.org/10.1016/j.frl.2019.101311

Kirtley, J., & O'Mahony, S. (2023). What is a pivot? Explaining when and how
entrepreneurial firms decide to make strategic change and pivot. Strategic Management Journal, 44(1), 197-230. https://doi.org/10.1002/smj.3131

Kotha, R., Zheng, Y., & George, G. (2011). Entry into new niches: The effects of firm age
and the expansion of technological capabilities on innovative output and impact. Strategic Management Journal, 32(9), 1011-1024. https://doi.org/10.1002/smj.915

Kunisch, S., Bartunek, J. M., Mueller, J., & Huy, Q. N. (2017). Time in strategic change
research. Academy of Management Annals, 11(2), 1005-1064.
https://doi.org/10.5465/annals.2015.0133

Kuusela, P., Keil, T., & Maula, M. (2017). Driven by aspirations, but in what direction?
Performance shortfalls, slack resources, and resource‐consuming vs. resource‐freeing organizational change. Strategic Management Journal, 38(5), 1101-1120. https://doi.org/10.1002/smj.2544

Lechner, C., Lorenzoni, G., Guercini, S., & Gueguen, G. (2020). Supplier evolution in
global value chains and the new brand game from an attention‐based view. Global
Strategy Journal, 10(3), 520-555. https://doi.org/10.1002/gsj.1381

Lee, J. (2020, August 30). Is big oil still a big deal? Bloomberg.
https://www.bloomberg.com/opinion/articles/2020-08-30/as-exxon-mobil-is-remo ved-from-the-dow-is-this-the-end-for-big-oil

Li, L., Qian, G., Qian, Z., & Lu, I. R. (2018). Aspiration, foreignness liability and market
potential: How do they relate to small firms’ international entrepreneurial orientation? International Marketing Review, 35(6), 1009-1032.
https://doi.org/10.1108/IMR-03-2017-0062

Li, M.-Y., & Wu, J.-S. (2014). Analysts’ forecast dispersion and stock returns: A quantile
regression approach. Journal of Behavioral Finance, 15(3), 175-183.
https://doi.org/10.1080/15427560.2014.942420

Lien, W.-C., Chen, T., Chen, J., & Sohl, J. E. (2021). How do financial analysts’
recommendations affect firm competitive actions? A rival-centric view. Journal of Business Research, 134, 531-539. https://doi.org/10.1016/j.jbusres.2021.05.046

Lim, E. (2025). Balancing multiple goals: The effects of performance shortfalls relative
to aspirations vs. analysts’ earnings forecasts. Journal of Management Studies, 62(4), 1491-1523. https://doi.org/10.1111/joms.13111

Lim, E. N., & McCann, B. T. (2014). Performance feedback and firm risk taking: The
moderating effects of CEO and outside director stock options. Organization
Science, 25(1), 262-282. https://doi.org/10.1287/orsc.2013.0830

Lungeanu, R., Stern, I., & Zajac, E. J. (2016). When do firms change technology‐
sourcing vehicles? The role of poor innovative performance and financial slack. Strategic Management Journal, 37(5), 855-869. https://doi.org/10.1002/smj.2371

Luo, L., & Shinkle, G. A. (2025). Environmental context and organizational aspiration
determination. Journal of Management Studies, 62(1), 102-133.
https://doi.org/10.1111/joms.13049

Luo, X., Wang, H., Raithel, S., & Zheng, Q. (2015). Corporate social performance,
analyst stock recommendations, and firm future returns. Strategic Management Journal, 36(1), 123-136. https://doi.org/10.1002/smj.2219

Luo, X., & Zheng, Q. (2018). How firm internationalization is recognized by outsiders:
The response of financial analysts. Journal of Business Research, 90, 87-106.
https://doi.org/10.1016/j.jbusres.2018.04.030

Malik, T. H., & Huo, C. (2020). Security analyst firm reputation and investors’ response
to forecasted stocks in the biotechnology sector. Technology Analysis & Strategic Management, 32(5), 574-588. https://doi.org/10.1080/09537325.2019.1683536

Maoret, M., Moreira, S., & Sabanci, H. (2024). Closing the gender pay gap: Analyst
coverage, stakeholder attention, and gender differences in executive compensation. Organization Studies, 45(4), 495-521. https://doi.org/10.1177/01708406231200725

Martin, G. P., Gomez-Mejia, L. R., & Wiseman, R. M. (2013). Executive stock options as
mixed gambles: Revisiting the behavioral agency model. Academy of Management Journal, 56(2), 451-472. https://doi.org/10.5465/amj.2010.0967

Miller, D., Le Breton‐Miller, I., & Lester, R. H. (2010). Family ownership and
acquisition behavior in publicly‐traded companies. Strategic Management Journal,
31(2), 201-223. https://doi.org/10.1002/smj.802

Min, B.-s. (2021). Heterogeneity of R&D in family firms. Journal of Business Research,
129, 88-95. https://doi.org/10.1016/j.jbusres.2021.02.040

Mola, S., Rau, P. R., & Khorana, A. (2013). Is there life after the complete loss of analyst
coverage? The Accounting Review, 88(2), 667-705. https://doi.org/10.2308/accr-50330

Moeen, M. (2017). Entry into nascent industries: Disentangling a firm's capability
portfolio at the time of investment versus market entry. Strategic Management Journal, 38(10), 1986-2004. https://doi.org/10.1002/smj.2642

Morgan, T., Obal, M., & Jewell, R. D. (2021). Strategic change and innovation
reputation: Opening up the innovation process. Journal of Business Research, 132, 249-259. https://doi.org/10.1016/j.jbusres.2021.03.055

Mount, M. P., & Baer, M. (2022). CEOs’ regulatory focus and risk-taking when firms
perform below and above the bar. Journal of Management, 48(7), 1980-2008.
https://doi.org/10.1177/01492063211016029

Naqvi, S. K., Shahzad, F., Rehman, I. U., Qureshi, F., & Laique, U. (2021). Corporate
social responsibility performance and information asymmetry: The moderating role of analyst coverage. Corporate Social Responsibility and Environmental Management, 28(6), 1549-1563. https://doi.org/10.1002/csr.2114

Ocasio, W. (1997). Towards an attention‐based view of the firm. Strategic Management
Journal, 18(S1), 187-206.
https://doi.org/10.1002/(SICI)1097-0266(199707)18:1+<187::AID-SMJ936>3.0.CO;2-K

Ocasio, W., & Joseph, J. (2018). The attention-based view of great strategies. Strategy
Science, 3(1), 289-294. https://doi.org/10.1287/stsc.2017.0042

Oehmichen, J., Schrapp, S., & Wolff, M. (2017). Who needs experts most? Board
industry expertise and strategic change—a contingency perspective. Strategic
Management Journal, 38(3), 645-656. https://doi.org/10.1002/smj.2513

Parker, O. N., Krause, R., & Covin, J. G. (2017). Ready, set, slow: How
aspiration-relative product quality impacts the rate of new product introduction. Journal of Management, 43(7), 2333-2356.
https://doi.org/10.1177/0149206315569314

Posen, H. E., Keil, T., Kim, S., & Meissner, F. D. (2018). Renewing research on
problemistic search—A review and research agenda. Academy of Management
Annals, 12(1), 208-251. https://doi.org/10.5465/annals.2016.0018

Qian, C., Lu, L. Y., & Yu, Y. (2019). Financial analyst coverage and corporate social
performance: Evidence from natural experiments. Strategic Management Journal, 40(13), 2271-2286. https://doi.org/10.1002/smj.3066

Ref, O., Feldman, N. E., Iyer, D. N., & Shapira, Z. (2021). Entry into new foreign markets: Performance feedback and opportunity costs. Journal of World Business,
56(6), 101258. https://doi.org/10.1016/j.jwb.2021.101258

Ref, O., & Shapira, Z. (2017). Entering new markets: The effect of performance feedback
near aspiration and well below and above it. Strategic Management Journal, 38(7), 1416-1434. https://doi.org/10.1002/smj.2561

Rudy, B. C., & Johnson, A. F. (2016). Performance, aspirations, and market versus
nonmarket investment. Journal of Management, 42(4), 936-959.
https://doi.org/10.1177/0149206313503017

Sasaki, I., Kotlar, J., Ravasi, D., & Vaara, E. (2020). Dealing with revered past:
Historical identity statements and strategic change in Japanese family firms. Strategic Management Journal, 41(3), 590-623. https://doi.org/10.1002/smj.3065

Schulz, A. C., & Wiersema, M. F. (2018). The impact of earnings expectations on
corporate downsizing. Strategic Management Journal, 39(10), 2691-2702.
https://doi.org/10.1002/smj.2925

Schumacher, C., Keck, S., & Tang, W. (2020). Biased interpretation of performance
feedback: The role of CEO overconfidence. Strategic Management Journal, 41(6), 1139-1165. https://doi.org/10.1002/smj.3138

Shi, W., Gao, C., & Aguilera, R. V. (2021). The liabilities of foreign institutional
ownership: Managing political dependence through corporate political spending. Strategic Management Journal, 42(1), 84-113. https://doi.org/10.1002/smj.3211

Shibata, T., Baba, Y., & Suzuki, J. (2022). Managing exploration persistency in
ambidextrous organizations: Case of Fujifilm and Kodak. R&D Management, 52(1), 22-37. https://doi.org/10.1111/radm.12468

Shinkle, G. A. (2012). Organizational aspirations, reference points, and goals: Building
on the past and aiming for the future. Journal of Management, 38(1), 415-455.
https://doi.org/10.1177/0149206311419856

Sousa, C. M., & Tan, Q. (2015). Exit from a foreign market: Do poor performance,
strategic fit, cultural distance, and international experience matter? Journal of International Marketing, 23(4), 84-104. https://doi.org/10.1509/jim.15.0003

Tabesh, P., Vera, D., & Keller, R. T. (2019). Unabsorbed slack resource deployment and
exploratory and exploitative innovation: How much does CEO expertise matter? Journal of Business Research, 94, 65-80.
https://doi.org/10.1016/j.jbusres.2018.08.023

To, T. Y., Navone, M., & Wu, E. (2018). Analyst coverage and the quality of corporate
investment decisions. Journal of Corporate Finance, 51, 164-181.
https://doi.org/10.1016/j.jcorpfin.2018.06.001

Tyler, B. B., & Caner, T. (2016). New product introductions below aspirations, slack and
R&D alliances: A behavioral perspective. Strategic Management Journal, 37(5), 896-910. https://doi.org/10.1002/smj.2367

Walls, J. L., Berrone, P., & Phan, P. H. (2012). Corporate governance and environmental
performance: Is there really a link? Strategic Management Journal, 33(8), 885-913. https://doi.org/10.1002/smj.1952

Wang, J. J. (2020). Does analyst forecast dispersion represent investors’ perceived
uncertainty toward earnings? Review of Accounting and Finance, 19(3), 289-312. https://doi.org/10.1108/RAF-10-2018-0224

Wang, M.-C. (2015). Value relevance of Tobin’s Q and corporate governance for the
Taiwanese tourism industry. Journal of Business Ethics, 130(1), 223-230. https://doi.org/10.1007/s10551-014-2339-9

Wang, M.-C., Chen, P.-C., & Fang, S.-C. (2018). A critical view of knowledge networks
and innovation performance: The mediation role of firms' knowledge integration capability. Journal of Business Research, 88, 222-233.
https://doi.org/10.1016/j.jbusres.2018.03.034

Wang, M. C., & Ding, Y. J. (2021). Does the quarterly accrual anomaly exist in Taiwan's
stock market? Evidence from Manager's earnings management. Managerial and Decision Economics, 42(3), 688-701. https://doi.org/10.1002/mde.3265

Wang, X., & Lou, T. (2020). The effect of performance feedback on firms’ unplanned
marketing investments. Journal of Business Research, 118, 441-451. https://doi.org/10.1016/j.jbusres.2020.07.015

Wang, Y., Wang, X., & Xu, W. (2021). How does negative performance feedback affect a firm’s openness in its innovation search behaviour? The moderating role of organisational slack. Technology Analysis & Strategic Management, 35(4),
380-393. https://doi.org/10.1080/09537325.2021.1976405

Washburn, M., & Bromiley, P. (2014). Managers and analysts: An examination of mutual
influence. Academy of Management Journal, 57(3), 849-868.
https://doi.org/10.5465/amj.2011.0420

Wei, Z., & Zhang, L. (2020). How to perform strategic change? A strategy as practice
perspective. Chinese Management Studies, 14(3), 811-832.
https://doi.org/10.1108/CMS-04-2019-0140

Xie, E., Huang, Y., Stevens, C. E., & Lebedev, S. (2019). Performance feedback and
outward foreign direct investment by emerging economy firms. Journal of World Business, 54(6), 101014. https://doi.org/10.1016/j.jwb.2019.101014

Xu, D., Zhou, K. Z., & Du, F. (2019). Deviant versus aspirational risk taking: The effects
of performance feedback on bribery expenditure and R&D intensity. Academy of
Management Journal, 62(4), 1226-1251. https://doi.org/10.5465/amj.2016.0749

Ye, Y., Yu, W., & Nason, R. (2021). Performance feedback persistence: comparative
effects of historical versus peer performance feedback on innovative search. Journal of Management, 47(4), 1053-1081.
https://doi.org/10.1177/0149206320916225

Zhang, Y., & Gimeno, J. (2010). Earnings pressure and competitive behavior: Evidence
from the US electricity industry. Academy of Management Journal, 53(4), 743-768. https://doi.org/10.5465/amj.2010.52814593

Zhang, Y., & Gimeno, J. (2016). Earnings pressure and long-term corporate governance:
Can long-term-oriented investors and managers reduce the quarterly earnings obsession? Organization Science, 27(2), 354-372.
https://doi.org/10.1287/orsc.2016.1056

Zhang, Y., & Gong, Y. (2018). Stock return or sales growth? Multiple performance
feedback and strategic investments under securities analysts’ earnings pressure. Journal of Management Studies, 55(8), 1356-1385.
https://doi.org/10.1111/joms.12392

Zhang, Y., & Rajagopalan, N. (2010). Once an outsider, always an outsider? CEO origin, strategic change, and firm performance. Strategic Management Journal, 31(3),
334-346. https://doi.org/10.1002/smj.812

Zhang, Z., Gu, X., & Yang, X. (2024). Performance feedback and innovative search
strategies: An integrative perspective of motivation and capacity for risk taking. British Journal of Management, 35(4), 1867-1885.
https://doi.org/10.1111/1467-8551.12794