Abstract
Building on the behavioral theory of the firm (BTF), our study investigated how firms adjust their exploitation and exploration R&D internationalization in response to performance shortfalls and how this adjustment is moderated by industry environmental factors. Using 16 years (2003–2018) of data on Chinese listed firms, our study found that in response to performance shortfalls, firms will increase exploitation R&D internationalization rather than exploration R&D internationalization. In other words, performance shortfalls negatively affect the share of exploration R&D internationalization. In addition, we also found that the relationship between performance shortfalls and the share of exploitation R&D internationalization is strengthened by industry market turbulence but weakened by industry technological turbulence.
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