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Future-Time Reference (FTR) and Firm Acquisitions: The Role of Time Perception of Languages in Firm Response to Performance Feedback

Published online by Cambridge University Press:  22 April 2025

Peng Ding Open the ORCID record for Peng Ding [Opens in a new window] ,
Niels Noorderhaven  and
Bin Guo Open the ORCID record for Bin Guo [Opens in a new window]
Peng Ding
Affiliation:
Dongbei University of Finance and Economics, China
Niels Noorderhaven
Affiliation:
Tilburg University, The Netherlands
Bin Guo*
Affiliation:
Zhejiang University, China
*
Corresponding author: Bin Guo ([email protected])
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Abstract

In the behavioral theory of the firm, decision-makers' interpretation of performance feedback information is the fundamental intermediate step between the evaluation of performance and the consequent strategic decision-making. However, such interpretations can be shaped or even distorted by the cognitive lens taken by decision-makers, such as their time concept in terms of biased cognitions of the importance and imminence of the future over the present. This study focuses on the role of a specific temporal bias (the time concept expressed in languages) in shaping the response to performance feedback. On the basis of the baseline proposition of a positive relationship between the underperformance duration (a temporal dimension of performance feedback) and acquisition behavior, we theorize and empirically examine how the future-time reference (FTR) of languages under different conditions shapes the way firms respond to repeated performance shortfalls. Using a sample of 12,309 firms from 12 countries between 2007 and 2019, we find that the FTR weakens the connection between the underperformance duration and subsequent acquisitions. Moreover, slack resources strengthen, whereas political stability weakens, this moderating effect of FTR on the underperformance duration–firm acquisition relationship.

摘要

摘要

在企业行为理论中，决策者对绩效反馈信息的解读是绩效评估和后续战略决策之间的基础性中间环节。然而，这种解读受到决策者认知视角的塑造甚至扭曲，例如决策者的时间观念是对未来相对于现在的重要性和紧迫性的认知。本研究聚焦于一种特定的时间扭曲（用语言表达的时间观念）在塑造对绩效反馈的响应中的作用。基于绩效不佳持续时间（绩效反馈的时间维度）和并购行为之间正向关系的基线命题，我们理论化并实证检验了不同情形下语言的未来时间参考（FTR）如何塑造企业对重复出现的绩效下跌所采取的响应方式。利用 2007 到 2019 年间来自 12 个国家的 12,309 个企业的数据，我们发现 FTR 削弱了绩效不佳持续时间与后续并购之间的关系。此外，冗余资源增强而政治稳定性削弱了 FTR 对绩效不佳持续时间—企业并购关系的调节效应。

Keywords

behavioral theory of the firmfirm acquisitionfuture-time referenceperformance feedback企业行为理论绩效反馈未来时间参考企业并购
Type
Article
Information
Management and Organization Review , First View , pp. 1 - 29
Copyright
Copyright © The Author(s), 2025. Published by Cambridge University Press on behalf of International Association for Chinese Management Research

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