Psychological distance to reward, or the segmentation effect, refers to the preference for a terminal link of a concurrent-chains schedule consisting of a simple reinforcement schedule (e.g. fixed interval [FI] 30s) relative to its chained-schedule counterpart (e.g. chained FI 15s FI 15s). This experiment was conducted to examine whether the segmentation effect is due to the number of terminal-link stimulus and response segments per se. Three pigeons pecked under a concurrent-chains schedule in which identical variable-interval (VI) schedules operated in the initial links. In each session, half the terminal-link entries followed one initial-link key and the other half followed the other initial-link key. The initial-link keys correlated with the different terminal links were manipulated across conditions. In the first three conditions, each terminal link contained a chained fixed-time (FT) FT schedule, and in the final three conditions, each terminal link contained a chained FI FI schedule. In each condition, in one terminal link (alternating), the order of two key colors correlated with the different schedule segments alternated across terminal-link entries, whereas in the other terminal link (constant), the order of two other key colors was identical for each entry. With the chained FT FT schedule terminal links, there was indifference between the alternating and constant terminal links within and across pigeons, as indexed by initial-link choice proportions. In addition, terminal-link response rates were relatively low. With the chained FI FI schedule terminal links, for each pigeon, there was relatively more preference for the alternating terminal link and terminal-link response rates increased relative to conditions with the chained FT FT schedule terminal links. These data suggest that the segmentation effect is not due simply to the number of terminal-link stimulus or response segments per se, but rather to a required period of responding during a stimulus segment that never is paired with reinforcement.