Looking back or looking forward? How CEO temporal focus affects R&D search in the face of inconsistent feedback

Purpose This study investigates how CEOs’ temporal focus shapes firms’ R&D responses to inconsistent performance signals, where past performance feedback and future performance prospects convey conflicting signals. Design/methodology/approach Using an unbalanced panel of 1,969 Chinese A-share listed firms (8,801 firm-year observations), we employ fixed-effects models to assess how CEO temporal focus influences firms’ R&D search in response to inconsistent feedback. Findings When past performance is strong but future prospects are weak, past-focused CEOs tend to reduce R&D search, whereas future-focused CEOs are more likely to expand it. Robustness tests reveal a reversed pattern when past performance is weak but future prospects are strong. Originality/value This study demonstrates that CEOs’ temporal orientation determines how conflicting past and future performance signals are attended to and prioritized, providing new insights into attention-based mechanisms underlying heterogeneity in firms’ R&D search and strategic responses.