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A B S T R A C T This paper analyzes how innovation performance feedback affects firms' decisions to change the diversity of their technological alliance portfolio and how this relationship is moderated by firms' R&D intensity. In line with behavioral theory, we argue that only those firms deviating (either above or below) from their performance aspiration levels are expected to embrace changes in their alliance portfolio. We also posit that a firm's R&D intensity captures its ability todoi:10.1016/j.respol.2021.104321 fatcat:tmy2b3w3bjhbhnnei7cbs7dudu