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Abstract Based on the behavioral theory of the firm and organizational learning theory, using unbalanced panel data of biopharmaceutical manufacturing firms from 2008 to 2020 in China, we analyze how heterogeneous performance feedback influences the quantity and quality of cooperative innovation, and the moderating effects of overconfident executives. Tobit’ s empirical test shows positive historical performance feedback improves the quantity and quality, while positive peer performance feedback has opposite effect. Negative historical performance feedback reduces the quantity and improves the quality. Negative peer performance feedback enhances the quantity. Overconfident executives pay more attention to the quality in the(positive and negative)historical performance feedback situation, and pay more attention to the quantity in the positive peer performance feedback situation. Through further examination of the geographical characteristics of cooperators, we found that firms are more inclined to cooperate with local(non-local) firms when pursuing the quality(quantity)of innovation.
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Received: 30 March 2022
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