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We examine how new biotechnology firms (NBFs) select pharmaceutical firms as R&D allies as a function of value creation and value appropriation considerations. We develop a theoretical framework to understand partnering decisions accounting for both, a potential partner's ability as well as incentives to appropriate and create value within an R&D alliance. Our empirical findings show that NBFs are more likely to ally with pharmaceutical firms with the ability to create value, as long as these firms have the incentives to use their skills to create rather than appropriate value. Our study highlights the double‐edged sword nature of value creation skills and provides a deeper understanding into the contextual factors that determine when potential R&D partners will perceive such skills as increasing appropriation risks. Copyright © 2012 John Wiley & Sons, Ltd. 相似文献
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A recent study of R&D alliances between new biotechnology firms (NBFs) and pharmaceutical firms investigated how NBFs deal with the “swimming with sharks” dilemma involved in allying with firms capable of appropriating value. It concludes that NBFs are less likely to select alliance partners with related expertise because of greater appropriation risk. Based on our experience as NBF managers and a survey of NBF executives, we believe that such situations are uncommon, and that the study more likely shows pharmaceutical firms seeking diversification. Thousands of NBFs seek alliances with the top 100 pharmaceutical firms, and the larger company is much more likely to be the one to select among multiple potential partners. Copyright © 2013 John Wiley & Sons, Ltd. 相似文献
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Technology alliances have emerged in the past decade as a significant mode for the development of innovation. The present research assesses the factors explaining whether firms will engage in such technology alliances or utilize the more traditional mode of internal R&D. The hypotheses stem from a transaction cost conceptualization. Results suggest that firms which pursue technology alliances are likely to have less commitment to product category-specific assets, to face higher technological uncertainty, to be more capable at measuring innovation performance, to have more successful technology alliance experiences, and to compete in lower growth product categories. © 1998 John Wiley & Sons, Ltd. 相似文献
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We examine the conditions under which the prior partnering experience of firms contributes to value creation in their new alliances. We propose that prior experience with the same partners, that is, ‘partner‐specific experience,’ provides greater benefits than ‘general partnering experience’ that encompasses all prior alliances with any partner. We further explore some of the boundary conditions for the effects of partner‐specific experience. We suggest that the effect of partner‐specific experience on value creation in alliances is moderated by the extent to which the assets of the new partner differ from those of the firm's prior partners. We also propose that the firm's own technological and financial resources increase the benefits of partner‐specific experience. Finally, we predict that the value of partner‐specific experience will increase under high levels of firm‐specific uncertainty. We test these hypotheses with comprehensive longitudinal multi‐industry data on joint ventures formed among Fortune 300 firms between 1987 and 1996. Based on stock market returns to joint venture announcements, the results provide support for the contingent value of partnering experience. The implications for managing alliances and advancing organizational learning are discussed. Copyright © 2009 John Wiley & Sons, Ltd. 相似文献
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Mariko Sakakibara 《战略管理杂志》2002,23(11):1033-1050
This study investigates economic and strategic inducements of R&D cooperation. We focus on industry and company factors that affect a firm's rate of participation in R&D consortia. These factors are analyzed in a dynamic context using a sample of 312 Japanese firms in 74 industries between 1969 and 1992. We find a firm in an industry with weak competition and appropriability conditions has a higher rate of consortia participation. A firm's R&D capabilities, network formation through past consortia, encounter with other firms in product markets, age, and past participation in large‐scale consortia also positively affect its tendency of consortia formation. Copyright © 2002 John Wiley & Sons, Ltd. 相似文献
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Jeroen Neckebrouck;David Kryscynski; 《战略管理杂志》2024,45(10):2159-2188
Without compelling empirical proxies for economic profits, we may need to reconsider the decades of empirical research purporting to inform our theories of competitive advantage. The new stakeholder perspective suggests that stakeholders may capture significant shares of the firm's economic profits that should be incorporated into these proxies. In this article, we propose a novel empirical approach to measuring stakeholder rents and then apply our approach to measure workforce rents across the population of all Belgian firms employing workers from 2008 to 2016. Our results demonstrate substantial variance in workforce rents among firms, with some firms allowing most of the economic profits they generate to flow to the workforce. We discuss the implications of our findings in detail and lay out a pathway for future research. 相似文献
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Turanay Caner 《战略管理杂志》2016,37(5):896-910
We develop hypotheses based on behavioral theory that explain how high technology firms' new product introduction (NPI) performance below aspiration levels impact the number of R&D alliances, and how slack moderates this relationship. Using panel data of U.S. biopharmaceutical firms, we find that as firms' NPI performance below historical aspiration levels increases the number of R&D alliances they form increases and slack intensifies this relationship. We contribute to alliance research by providing theory and empirical evidence that increases in the distance of NPI below aspirations serve as a motivation for increases in R&D alliances, and empirically to behavioral theory by revealing that NPI goals act similarly to financial performance goals in their impact on firms' actions and slack intensifies this relationship. Copyright © 2015 John Wiley & Sons, Ltd. 相似文献
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Rachelle C. Sampson 《战略管理杂志》2005,26(11):1009-1031
Focusing on the link between prior alliance experience and firm benefits from R&D collaborations, this paper explores whether firms learn to manage their alliances. While prior experience should increase collaborative benefits from the current alliance, I expect these returns: (1) to be most beneficial when alliance activities are more uncertain; and (2) to diminish at high levels of experience. Results from a sample of 464 R&D alliances in the telecom equipment industry generally match these expectations. The positive benefits of prior experience in complex alliances suggest that a broader set of alliance management processes allows the firm to manage situations of ambiguity more readily. The lack of cumulative benefits from prior experience appears to be partly due to knowledge depreciating over time, since only recent experience has a positive impact on collaborative returns. Overall, these results provide empirical evidence of the effect of prior experience on collaborative benefits, both directly and conditionally on alliance characteristics, and have implications for learning to manage organizations more generally. Copyright © 2005 John Wiley & Sons, Ltd. 相似文献
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Research summary : Using a productivity technique (VCA model), we estimate the economic value created by a firm and appropriated by its stakeholders in two specific empirical contexts. In the first application, we use publicly available data from the U.S. airline industry to illustrate how the VCA model can be used with multiple stakeholder groups. In the second application, we provide estimates for three global automobile companies (GM, Toyota and Nissan), showing how the model can be reformulated using value added. In both industries we find substantial heterogeneity among firms in the creation and distribution of value. We discuss strengths and limitations of the VCA model and implications for strategic management research. Managerial summary : Firms create value not only for shareholders, but also for other stakeholders, including employees, customers and suppliers. This article applies a method to quantify the “new” economic value created by a firm over an interval of time; the method also reveals the distribution of that value among the stakeholders. The proposed method gives managers some means to assess changes in the economic value created and distributed. We find that the creation and distribution of value has varied greatly among major U.S. airlines and global automakers in recent decades. Moreover, returns to shareholders typically accounted for only a small proportion of firms' total value creation and often had little relation to broader changes in the magnitude and distribution of value. Copyright © 2016 John Wiley & Sons, Ltd. 相似文献
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Jeffrey J. Reuer 《战略管理杂志》2001,22(1):27-44
This study examines the parent firm performance implications of joint venture (JV) partner buyouts, which involve the conversion of a hybrid governance structure to an internal unit within the firm's hierarchy. Transaction cost theory, as developed and applied in the international literature and market entry research, is extended to the post‐entry investment setting to isolate sources of value creation or dissipation from the governance changes effected by JV partner buyouts. The evidence complements recent research on JV longevity and its determinants. Copyright © 2001 John Wiley & Sons, Ltd. 相似文献
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Denisa Mindruta 《战略管理杂志》2013,34(6):644-665
University‐based technological opportunities are often exploited through joint corporate and academic entrepreneurship activities such as university–industry research collaborations. This paper explores the partner attributes that drive the matching of academic scientists and firms involved in these relationships. The paper models the formation of firm–faculty partnership as an endogenous selection process driven by synergy between partners' knowledge‐creation capabilities. The main findings indicate that faculty–firm matching is multidimensional: firms and scientists complement each other in publishing capabilities but substitute each other in patenting skills. Furthermore, firms and scientists with specialized knowledge create more value by teaming with more knowledge‐diversified partners. The paper contributes to the literature on university–industry knowledge transfer and, more generally, to the literature on alliance formation. 相似文献
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The effective holding and management of liquid assets is critical to success in research‐intensive industries. The primary output of invention is new knowledge. However, because of its ‘sticky’ characteristics, knowledge may not easily diffuse to external shareholders, leading to knowledge asymmetries between managers/employees and external suppliers of capital. Many valuable R&D projects may thus fail to attract external financing, limiting a firm's ability to invest in R&D. In this study, we examine how the cash flow and signaling properties of a firm's patents and certain aspects of its alliance strategy can attenuate such problems. Specifically, we suggest that a firm's R&D investments positively predict the level of its liquid asset holdings. This is due to the fact that invention‐induced knowledge asymmetries increase the firm's cost of accessing external liquid capital. However, holding cash entails opportunity costs. In this regard, we also find that patent production and certain alliance activities provide important signaling mechanisms, which reduce knowledge asymmetries between the firm and capital markets, and consequently lower the firm's need to hold liquid assets. Empirical tests were conducted using a sample of 108 U.S‐based biotechnology firms. Copyright © 2009 John Wiley & Sons, Ltd. 相似文献
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Dovev Lavie 《战略管理杂志》2007,28(12):1187-1212
This study reveals the multifaceted contribution of alliance portfolios to firms' market performance. Extending prior research that has stressed the value‐creation effect of network resources, it uncovers how prominent partners may undermine a firm's capacity to appropriate value from its alliance portfolio. Analysis of a comprehensive panel dataset of 367 software firms and their 20,779 alliances suggests that the contribution of network resources to value creation varies with the complementarity of those resources. Furthermore, the relative bargaining power of partners in the alliance portfolio constrains the firm's appropriation capacity, especially when many of these partners compete in the focal firm's industry. In turn, the firm's market performance improves with the intensity of competition among partners in its alliance portfolio. These findings advance network research by highlighting the trade‐offs that alliance portfolios impose on firms that seek to manage and leverage their alliances. Copyright © 2007 John Wiley & Sons, Ltd. 相似文献
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Claudio Panico 《战略管理杂志》2017,38(8):1646-1667
Research summary: This article studies strategic interactions between firms that form alliances to exploit synergistic benefits. Firms cooperate to create value, but they can also compete to capture value. Fundamental questions rarely addressed by strategy scholars relate to how the configuration of control over resources influences firms' strategies, the potential for termination, and the emergence of cooperation and trust. The formal results reveal crucial aspects of the interorganizational rent‐generating process and yield testable implications. With greater synergistic benefits, firms invest more, but they also compete more intensively to capture more value. With symmetric control, more value gets created, which limits the potential for termination, but also exacerbates the competition for value; from a relational perspective, this form of control augments the calculative rationale of cooperation and trust . Managerial summary: When forming an alliance to exploit synergies, firms engage in a complicated strategic interaction that is part cooperation and part competition. What happens when partner firms cooperate and invest to create value while competing and using costly adversarial tactics to capture value? The analysis reveals that with greater synergistic benefits, firms invest more in value creation, but the fear of opportunism pushes them to waste more resources on value capture tactics. The balance between value creation and value capture, and the possibility that the alliance is terminated depend on the configuration of control over resources. The analysis further reveals under what conditions there can be trust between the partners, such that they focus on value creation and avoid wasting resources in the competition for value . Copyright © 2016 John Wiley & Sons, Ltd. 相似文献
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This study attempts to identify conditions under which announcements of international joint venture (JV) formation lead to increases in shareholder value of participating U.S. firms. It does so by combining the singular theoretical foci of previous work on the topic and specifying previously unconsidered, but conceptually important, influences on firms' expected JV performance. The study's findings indicate support for the hypothesized effect of variables in partners' task‐related, competitive, and structural context(s), but not those in these firms' partner‐related and institutional context(s). Specifically, partner–venture business relatedness, the pursuit of R&D‐oriented activity, greater equity ownership, and large firm size, all are found to have a positive impact on firms' JV‐based value creation. Although this study finds support for the performance impact of firm‐level competition, the direction of this impact is contrary to that hypothesized. No support is found for hypothesized effect of partner–partner business relatedness, previous JV experience, partners' relative firm size, (national) cultural relatedness, and JV host country political risk. Copyright © 2000 John Wiley & Sons, Ltd. 相似文献
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There is a renewed interest among strategy scholars in the relationship between stakeholder theory and the dynamics of value creation‐appropriation in firms. Further advancements in this field are arguably impeded by an incomplete conceptualization and measurement of value and by scant characterization of the different patterns of stakeholder value appropriation. We develop a conceptual framework—based on an analytical taxonomy of value creation and appropriation—consistent with a more complete notion of value and wherein the trade‐offs in stakeholder value appropriation can be included. In essence, our analytical taxonomy contributes to enlarge the spectrum of value creation‐appropriation scenarios to be considered by researchers working on the stakeholder view of strategy. Copyright © 2014 John Wiley & Sons, Ltd. 相似文献