Innovation beyond firm boundaries: Strategic alliances and corporate innovation |
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| Institution: | 1. Department of Finance, Carroll School of Management, Fulton Hall 336, Boston College, Chestnut Hill, MA 02467, United States of America;2. Department of Economics and Finance, Zicklin School of Business, Baruch College, CUNY, One Bernard Baruch Way, B10-225, New York, NY 10010, United States of America;3. Department of Finance and Business Economics, Faculty of Business Administration, University of Macau, China;1. Central Bank of Chile, Agustinas 118, 8340454 Santiago, Chile;2. Hunter College & Graduate Center, City University of New York, 695 Park Ave, New York NY 10065, United States;1. Department of Finance, NUS Business School, National University of Singapore, 15 Kent Ridge Drive, BIZ 1 #7-63, 119245, Singapore;2. Department of Accounting, School of Economics and Management, Beihang University, 37 Xueyuan Road, Haidian District, Beijing, 100191, P.R. China;3. Division of Accounting, Nanyang Business School, Nanyang Technological University, 50 Nanyang Avenue, 639798, Singapore;1. China Europe International Business School, Department of Finance and Accounting, Shanghai, China;2. Shanghai University of Finance and Economics, Institute of Accounting and Finance, Shanghai, China;3. Shanghai University of Finance and Economics, Institute of Accounting and Finance, Shanghai, China;1. KU Leuven and CEPR, Belgium;2. KU Leuven, Belgium |
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| Abstract: | In this paper, we empirically analyze how strategic alliances affect the innovation output of the firms forming the alliance. We find a positive effect of R&D-related strategic alliances on corporate innovation, as measured by the quantity and quality of patents filed. This effect is stronger for firms led by CEOs with higher general managerial skills, firms with greater experience from earlier alliances, and firms operating in R&D-intensive industries. Furthermore, the innovation-fostering effect of strategic alliances is more pronounced if alliance partnering firms share a common institutional blockholder or have a higher degree of technological proximity. We also document, for the first time in the literature, a unique contractual mechanism through which firms share the benefits of innovation with their alliance partners, namely, “co-patenting.” |
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