<p>Firms intentionally set the rhythms of industry-university-research (IUR) alliance activities, yet it remains unclear how they make such decision. Drawing on the behavioral theory of the firm, this study explores this decision-making process by investigating the effects of innovation performance feedback on rhythms of IUR alliance formation. Using a Heckman model and data from Chinese pharmaceutical manufacturers, the study reveals that below-aspiration performance is associated with increased frequency and variability in IUR alliance portfolio expansion. Conversely, firms exceeding their innovation aspirations tend to decrease both the frequency and variability. Furthermore, the study identifies the moderating role of top management team (TMT) size. Specifically, larger TMTs attenuate the effect of innovation performance feedback on IUR alliance portfolio expansion rhythms, regardless of whether performance is below or above aspirations. Our study contributes to the IUR alliance literature by focusing on the decision-making process behind the strategic rhythms of IUR alliance portfolio expansion, and by examining how TMTs help mitigate managerial biases resulting from boundedly rational decisions.</p>