This study empirically examines the firm-level motivational mechanisms that drive firms to pursue investment avenues during periods of institutional transitions. Grounding this research at the intersection of organizational adaptation driven by institutional transitions and the search processes stemming from performance problems and growth opportunities, I propose a negative (positive) relationship between the intensity of performance below aspirations (growth opportunities) and strategic investments made by firms. In addition, I propose a moderating influence of business group affiliation on the relationships mentioned above. I test and find support for the hypothesized predictions on an unbalanced panel dataset comprising 8354 firm-year observations belonging to 1695 listed manufacturing firms from the emerging market of India during the period 1995 to 2010. This study bridges the macro–micro link between institutional transitions and firm behavior by theorizing the effect of organizational search mechanisms and identifies institutional transitions as a boundary condition that mutes problemistic search leading to investments. This study has important implications for the literature on institutional transitions and a behavioral theory of the firm.

本研究实证检验了在制度转型期间推动公司寻求投资途径的公司层面的激励机制。基于制度转型驱动的组织适应与源于绩效问题和增长机会的搜索过程的交叉点，我提出了低于期望的绩效强度（增长机会）与公司进行的战略投资之间的负（正）关系. 此外，我提出了企业集团隶属关系对上述关系的调节作用。我在一个不平衡的面板数据集上测试并找到了对假设预测的支持，该数据集包含 8354 个公司年度观察结果，这些观察结果属于 1995 年至 2010 年期间来自印度新兴市场的 1695 家上市制造公司。本研究弥合了制度转型之间的宏观-微观联系通过理论化组织搜索机制的影响和企业行为，并将制度转变确定为一种边界条件，可以抑制导致投资的问题搜索。本研究对有关制度变迁和企业行为理论的文献具有重要意义。本研究通过对组织搜索机制的影响进行理论化，将制度变迁与企业行为之间的宏观和微观联系联系起来，并将制度变迁确定为抑制导致投资的问题搜索的边界条件。本研究对有关制度变迁和企业行为理论的文献具有重要意义。本研究通过对组织搜索机制的影响进行理论化，将制度变迁与企业行为之间的宏观和微观联系联系起来，并将制度变迁确定为抑制导致投资的问题搜索的边界条件。本研究对有关制度变迁和企业行为理论的文献具有重要意义。