Weiwei Zheng, Liang Wu, Xi Zhong
Building on the behavioural theory of the firm, this study explores how innovation performance above innovation aspirations (IPAA) influences strategic alliance formation. We propose that when firms exceed their innovation targets, executives experience heightened innovation pressure, which significantly drives strategic alliance formation. Executive innovation attention plays a pivotal mediating effect in this process. Additionally, peer innovation disclosure and managerial professional connections amplify the positive effect of IPAA on strategic alliance formation. Drawing on panel data from listed high-tech firms in China, our hypotheses are strongly supported empirically. We further find that IPAA significantly promotes both R&D and non-R&D alliances. Moreover, the facilitating effect of IPAA on strategic alliance formation is more pronounced in industries with a higher risk of innovation failure. This research not only enriches the behavioural theory of the firm but also contributes to understanding of the antecedents of strategic alliances.