公司行為理論主張管理者在有限理性的限制下，將尋求一個參考點視為組織之期望目標，並以績效落差程度作為後續策略制訂的依據。然而公司行為理論之文獻，甚少探討不同績效落差程度下的變革策略受資源寬裕程度的影響，且少有研究能完整考慮不同績效落差組合對策略制訂的影響。本研究結合資源基礎理論與公司行為理論，探討不同績效落差情況下的對管理者採取資源消耗措施或資源活化措施的選擇關係，以及破產風險的調節效果。

本研究採用台灣經濟新報資料庫2014至2017年共870家上市公司資料為實證對象。研究結果顯示實際績效大於歷史與社會預期一致的情況下，實際績效高於預期越大決策者越傾向進行國際投資與併購；實際績效低於歷史、高於社會預期或實際績效高於歷史、低於社會預期不一致的情況，無論，績效落差越大決策者同樣越傾向進行國際投資與併購。

本研究具重要理論意義。首先，探討四種績效落差情況對擴張策略與縮減措施之影響，豐富公司行為理論多專注於績效低於預期的問題搜尋行為，且光譜兩端之變革策略受重視程度不同之憾，使公司行為理論之相應策略選擇更全面。其次，本研究結合公司行為理論與資源基礎理論以資源消耗、資源活化的觀點，探討績效的回饋效果。

Prior literature drawing on the behavioral theory of the firm has not considered how resource constraints affects the direction of organizational change in response to performance relative to aspirations. Few of them have thoroughly considered the influence of different performance shortfalls on strategy formulation.
This study draws on the resource-based theory and the behavioral theory of the firm to gain new insights about the effect of performance shortfall on the resource -consuming and resource-freeing strategies. We also discuss the moderation effect of the risk of bankruptcy.

This research uses 870 Taiwanese listed companies from 2014-2017 which come from Taiwan Economic Journal. The result shows under consistent performance feedback which real performance is above historical and social aspiration. When the gap become bigger, the propensity of using resource-consuming strategies is getting higher. The same results appear under inconsistent performance feedback. When performance become worse, the propensity of using resource-consuming strategies also become higher.

This research brings about contributions for the behavioral theory of the firm. First, we use performance feedback model to discuss more detailed performance shortfall situation and try to balance that prior research that solely focus on the side of expansion strategies. Second, we combine resource-based theory with behavioral theory of the firm by using resource-consuming and resource-freeing perspectives to discuss relationship between performance feedback and change strategies.

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