To resolve the mixed and sometimes contradictory results regarding the effect of performance feedback on the tendency and timing to expand abroad, we develop a theoretical framework that takes opportunity costs into account. Our findings show a non-linear relationship, mostly an inverted U-shape, between performance both below and above aspiration and entering new foreign markets. Our results also show that industry growth rate moderates this non-linear relationship differently for firms near aspiration (below or above) compared with firms well below or well above aspiration, furthering our understanding of contextual factors and the boundaries of performance feedback theory regarding international expansion.

为了解决绩效反馈对向国外扩张的趋势和时机的影响的混合且有时相互矛盾的结果，我们开发了一个将机会成本考虑在内的理论框架。我们的研究结果表明，低于和高于期望的绩效与进入新的外国市场之间存在非线性关系，主要是倒 U 形。我们的研究结果还表明，与远低于或远高于预期的公司相比，行业增长率对接近理想（低于或高于理想）的公司的这种非线性关系的调节方式不同，这进一步加深了我们对背景因素和绩效反馈理论关于国际扩张的界限的理解.