We build on previous research on the behavioral theory of the firm to examine the relationship between performance shortfalls and internationalization. We start from existing literature in claiming that the interplay between the aspirations of restoring performance and survival concerns leads to an inverted U-shaped relationship between a firm's performance shortfalls and its new internationalization. Our main contribution is to show that CEO duality moderates this relationship. Dual CEOs have a high control of the board that reduces oversight and increases their job security. This allows them to impose their risk preferences, thus embracing survival over aspirations. Our empirical analysis using a sample of Spanish listed firms from 1986 to 2010 provides support for our hypotheses.

我们在先前关于公司行为理论的研究的基础上，检验绩效不足与国际化之间的关系。我们从现有文献开始，声称恢复绩效的愿望和生存担忧之间的相互作用导致了公司绩效不足与其新的国际化之间的倒 U 形关系。我们的主要贡献是表明 CEO 双重身份缓和了这种关系。双 CEO 对董事会具有高度控制权，从而减少了监督并提高了他们的工作保障。这使他们能够强加自己的风险偏好，从而将生存置于抱负之上。我们使用 1986 年至 2010 年的西班牙上市公司样本进行的实证分析为我们的假设提供了支持。