Experience as Dr. Jekyll and Mr. Hyde: Performance Outcome Delays in the Private Equity Context
研究了私募股权背景下，绩效信息延迟如何影响经验学习效果，发现完整绩效反馈促进学习，不完整则阻碍学习，且影响风险承担行为。
Abstract A large body of work argues that the accumulation of organizational experience fosters learning because firms can correctly modify their understandings on the basis of past actions and their outcomes. But although performance information on past decisions can often be delayed, little research considered how firms respond to experience without complete performance information. In this study, we propose that experience is a double‐edged sword: whereas experience with performance feedback can foster learning, experience without complete performance feedback impedes learning. Using a sample of 7,223 private equity buyout investments, we find that experience with (in)complete performance information increases (decreases) the performance of a subsequent investment. The positive impact of experience with complete performance information is amplified when firms engage in search, following a shortfall in their performance. Moreover, we find that experience with (in)complete performance information decreases (increases) excessive risk taking. Overall, we advance the experiential learning literature by unpacking the positive and negative impact of experiential learning.