Abstract
This study examines how ventures' and their alliance partners' cognitive temporal orientations shape the pace of alliance portfolio expansion. While prior research has emphasized structural and attribute-based drivers of alliance portfolio expansion, cognitive orientations shaping expansion pace remain underexplored. We argue that a venture's temporal orientation -- emphasizing short-term or long-term considerations -- affects how rapidly it expands its alliance portfolio, and that these effects depend on cognitive misalignment with alliance portfolio partners. Usind data from ventures in the German biotechnology industry, we find that short-term orientation is assoiciated with faster alliance portfolio expansion, whereas long-term orientation shows no direct effect. Moreover, cognitive misalignment between a focal venture and its alliance partners attenuates these relationships. Our findings highlight the cognitive foundations of alliance portfolio expansion and underscore the role of cognitive misalignment at the portfolio level.