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Based on the insights of the behavioral theory of the firm and the agency theory, we explore the impact of negative performance feedback (NPF) on the dynamic equilibrium between exploitative and exploratory innovation. Using the 2007-2020 listed Chinese A-share hightech manufacturing companies as a research sample, our study finds that NPF has a significant positive impact on the punctuated equilibrium innovation of firms. Moreover, we find that the chief executive officer's (CEO) existing tenure weakens the above-mentioned relationship, whereas CEO's expected tenure strengthens it.