PurposePerformance feedback can be constructed using firms’ own (historical) performance, or the performance of peers (social). Those two types of performance feedback can be consistent (both positive, both negative) or inconsistent (one positive, the other negative). The research on the impact of consistent versus inconsistent feedback has been inconclusive, suggesting that inconsistent feedback might lead to more intense or less intense responses, or no response. In this paper, we theorize and test how firms respond to (in)consistent performance feedback.Design/methodology/approachWe test our hypotheses on a longitudinal sample of 2,819 private, high-growth firms in the US with 6,688 observations between the years 2007 and 2016. Our dataset comprises 25 different industries. We use topic modeling on textual data from firms’ web pages to capture portfolio expansion.FindingsWe find that consistent negative performance feedback strengthens portfolio expansion, but consistent positive feedback does not influence portfolio expansion. We also find that inconsistent performance feedback weakens portfolio expansion, but only with negative historical feedback and positive social feedback.Originality/valueWe contribute to the Behavioral Theory of the Firm by improving our understanding of mechanisms of feedback configurations. Specifically, we elaborate on the role of (in)consistent social feedback when firms respond to historical performance feedback. We also contribute to the theory by better understanding private firms’ responses to performance feedback.