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463
Do firms learn to create value? The case of alliances
- Strategic Management Journal
, 1980
"... We investigate whether firms learn to manage interfirm alliances as experience accumulates. We use contract-specific experience measures in a data set of over 2000 joint ventures and licensing agreements, and value creation measures derived from the abnormal stock returns surrounding alliance announ ..."
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Cited by 296 (1 self)
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We investigate whether firms learn to manage interfirm alliances as experience accumulates. We use contract-specific experience measures in a data set of over 2000 joint ventures and licensing agreements, and value creation measures derived from the abnormal stock returns surrounding alliance announcements. Learning effects are identified from the effects of unobserved heterogeneity in alliance capabilities. We find evidence of large learning effects in managing joint ventures, but no such evidence for licensing contracts. The effects of learning on value creation are strongest for research joint ventures, and weakest for marketing joint ventures. These results are consistent with the view that learning effects are more important in situations characterized by greater contractual ambiguity. Copyright © 2000 John Wiley & Sons, Ltd.
Technological acquisitions and the innovation performance of acquiring firms: a longitudinal study
- STRATEGIC MANAGEMENT JOURNAL
, 2001
"... This paper examines the impact of acquisitions on the subsequent innovation performance of acquiring firms in the chemicals industry. We distinguish between technological acquisitions, acquisitions in which technology is a component of the acquired firm’s assets, and nontechnologi-cal acquisitions: ..."
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Cited by 190 (3 self)
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This paper examines the impact of acquisitions on the subsequent innovation performance of acquiring firms in the chemicals industry. We distinguish between technological acquisitions, acquisitions in which technology is a component of the acquired firm’s assets, and nontechnologi-cal acquisitions: acquisitions that do not involve a technological component. We develop a framework relating acquisitions to firm innovation performance and develop a set of measures for quantifying the technological inputs a firm obtains through acquisitions. We find that within technological acquisitions absolute size of the acquired knowledge base enhances innovation performance, while relative size of the acquired knowledge base reduces innovation output. The relatedness of acquired and acquiring knowledge bases has a nonlinear impact on innovation output. Nontechnological acquisitions do not have a significant effect on subsequent innovation output. Copyright Ó 2001 John Wiley & Sons, Ltd. In this paper we examine the impact of acqui-sitions on the subsequent innovation performance of acquiring firms. Studying the impact of acqui-sitions on postacquisition innovation performance is important from at least three perspectives. First, this evaluation is important from the perspective of organizational learning and innovation, and helps us understand how organizations absorb and use external knowledge. Firm-level theories of technical change suggest that a firm’s inno-vativeness is an outcome of increases in its
Exploration and exploitation alliances in biotechnology: A system of new product development
- Strategic Management Journal
, 2004
"... We link the exploration–exploitation framework of organizational learning to a technology venture’s strategic alliances and argue that the causal relationship between the venture’s alliances and its new product development depends on the type of the alliance. In particular, we propose a product deve ..."
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Cited by 162 (5 self)
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We link the exploration–exploitation framework of organizational learning to a technology venture’s strategic alliances and argue that the causal relationship between the venture’s alliances and its new product development depends on the type of the alliance. In particular, we propose a product development path beginning with exploration alliances predicting products in development, which in turn predict exploitation alliances, and that concludes with exploitation alliances leading to products on the market. Moreover, we argue that this integrated product development path is moderated negatively by firm size. As a technology venture grows, it tends to withdraw from this product development path to discover, develop, and commercialize promising projects through vertical integration. We test our model on a sample of 325 biotechnology firms that entered 2565 alliances over a 25-year period. We find broad support for the hypothesized product development system and the moderating effect of firm size. Copyright © 2004 John Wiley & Sons, Ltd. Strategic alliances are a ubiquitous phenomenon, especially in high-technology industries (Hagedoorn, 1993). Parallel to the rise in interfirm cooperation, research on strategic alliances has burgeoned, with one strand focusing on the performance impact of alliances on the focal firm (Gulati, 1998). In this line of inquiry, several scholars have studied the relationship between a firm’s strategic alliances and its innovative performance or new product development (Shan, Walker, and
Absorptive capacity, learning, and performance in international joint ventures
- Strategic Management Journal
, 2001
"... This paper proposes and tests a model of IJV learning and performance that segments absorptive capacity into the three components originally proposed by Cohen and Levinthal (1990). First, trust between an IJV’s parents and the IJV’s relative absorptive capacity with its foreign parent are suggested ..."
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Cited by 123 (2 self)
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This paper proposes and tests a model of IJV learning and performance that segments absorptive capacity into the three components originally proposed by Cohen and Levinthal (1990). First, trust between an IJV’s parents and the IJV’s relative absorptive capacity with its foreign parent are suggested to influence its ability to understand new knowledge held by foreign parents. Second, an IJV’s learning structures and processes are proposed to influence its ability to assimilate new knowledge from those parents. Third, the IJV’s strategy and training competence are suggested to shape its ability to apply the assimilated knowledge. Revisiting the Hungarian IJVs studied by Lyles and Salk (1996) 3 years later, we find support for the knowledge understanding and application predictions, and partial support for the knowledge assimilation prediction. Unexpectedly, our results suggest that trust and management support from foreign parents are associated with IJV performance but not learning. Our model and results offer a new perspective on IJV learning and performance as well as initial insights into how those relationships change over time. Copyright © 2001 John Wiley & Sons, Ltd. Over the past two decades there has been a surge in the number of international joint ventures (IJVs)
Learning from competing partners: Outcomes and durations of scale and link alliances in
- Europe, North America, and Asia. Strategic Management J
, 2000
"... This paper investigates the outcomes and durations of strategic alliances among competing firms, using alliance outcomes as indicators of learning by partner firms. We show that alliance outcomes vary systematically across link and scale alliances. Link alliances are interfirm partnerships to which ..."
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Cited by 119 (34 self)
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This paper investigates the outcomes and durations of strategic alliances among competing firms, using alliance outcomes as indicators of learning by partner firms. We show that alliance outcomes vary systematically across link and scale alliances. Link alliances are interfirm partnerships to which partners contribute different capabilities, while scale alliances are partnerships to which partners contribute similar capabilities. We find that partners are more likely to reorganize or take over link alliances than scale alliances. By contrast, scale alliances are more likely to continue without material changes. The two types of alliances are equally likely to shut down, at similar ages. These results support the view that link alliances lead to greater levels of learning and capability acquisition between the partners than do scale alliances. Copyright © 2000 John Wiley & Sons, Ltd. This study investigates the outcomes and durations of strategic alliances among competing firms, using alliance outcomes as indicators of learning by partner firms. We define strategic alliances as arrangements between two or more
Knowledge Transfer through Inheritance: Spin-out Generation, Growth and Survival,
- Academy of Management Journal,
, 2004
"... We investigated how the knowledge capabilities of industry incumbents affected the generation, development, and performance of "spin-outs" (entrepreneurial ventures of ex-employees). Analyses of 1977-97 data from the disk drive industry supported our hypothesis that incumbents with both s ..."
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Cited by 112 (11 self)
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We investigated how the knowledge capabilities of industry incumbents affected the generation, development, and performance of "spin-outs" (entrepreneurial ventures of ex-employees). Analyses of 1977-97 data from the disk drive industry supported our hypothesis that incumbents with both strong technological and market pioneering know-how generate fewer spin-outs than firms with strength in only one of these areas. Also, an incumbent's capabilities at the time of a spin-out's founding positively affect the spin-out's knowledge capabilities and its probability of survival.
Managing potential and realized absorptive capacity: How do organizational antecedents matter? Erasmus Research Institute of Management. Retrieved February 14, 2006, from http://ideas.repec.org/p/dgr/eureri/30002188.html Johne, M
- Retrieved May 09, 2006, from http://www.linkpath.com/backIssue_indexIssue.php?iIssueID=3000000312& sIssueAtAGlance=false&iPageNumber=21&tempspeed=high&flash=0
, 2005
"... Exploring how organizational antecedents affect potential and realized absorptive capacity, this study identifies differing effects for both components of absorptive capacity. Results indicate that organizational mechanisms associated with coordination capabilities (cross-functional interfaces, part ..."
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Cited by 81 (5 self)
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Exploring how organizational antecedents affect potential and realized absorptive capacity, this study identifies differing effects for both components of absorptive capacity. Results indicate that organizational mechanisms associated with coordination capabilities (cross-functional interfaces, participation in decision making, and job rotation) primarily enhance a unit’s potential absorptive capacity. Organizational mechanisms associated with socialization capabilities (connectedness and socialization tactics) primarily increase a unit’s realized absorptive capacity. Our findings reveal why units may have difficulty managing levels of potential and realized absorptive capacity and vary in their ability to create value from their absorptive capacity. The turbulence of the business environment has ensured focused attention on knowledge as a dominant source of competitive advantage. To survive selection pressures, firms need to recognize new external knowledge, assimilate it, and apply it to commercial ends. This ability, referred to as absorptive capacity (Cohen & Levinthal, 1990), has emerged as an underlying theme in strategy and organization research. Recent research has focused on the role of absorptive capacity in innovation
Transferring R&D knowledge: the key factors affecting knowledge transfer success
, 2003
"... Based on a study of knowledge transfer within more than 15 industries, across three forms of governance, and between both domestic and international R&D partners, knowledge transfer success was found to be associated with several key variables, and to hinge upon (a) both R&D units’ understan ..."
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Cited by 72 (1 self)
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Based on a study of knowledge transfer within more than 15 industries, across three forms of governance, and between both domestic and international R&D partners, knowledge transfer success was found to be associated with several key variables, and to hinge upon (a) both R&D units’ understanding where the desired knowledge resides within the source, (b) the extent to which the parties share similar knowledge bases, and the extent of interactions between the source and the recipient to (c) transfer the knowledge and (d) participate in an articulation process through which the source’s knowledge is made accessible to the recipient.
Organizational transformation in transition economies: resource-based and organizational learning perspectives’.
- Journal of Management Studies,
, 2003
"... abstract How do organizations previously dominated by the state develop dynamic capabilities that would support their growth in a competitive market economy? We develop a theoretical framework of organizational transformation that explains the processes by which organizations learn and develop dyna ..."
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Cited by 63 (16 self)
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abstract How do organizations previously dominated by the state develop dynamic capabilities that would support their growth in a competitive market economy? We develop a theoretical framework of organizational transformation that explains the processes by which organizations learn and develop dynamic capabilities in transition economies. Specifically, the framework theorizes about the importance of, and inter-relationships between, leadership, organizational learning, dynamic capabilities, and performance over three stages of transformation. Propositions derived from this framework explain the pre-conditions enabling organizational learning, the linkages between types of learning and functions of dynamic capabilities, and the feedback from dynamic capabilities to organizational learning that allows firms in transition economies to regain their footing and build long-term competitive advantage. We focus on transition contexts, where these processes have been magnified and thus offer new insights into strategizing in radically altered environments.
R&D alliances and firm performance: the impact of technological diversity and alliance organization on innovation
- Academy of Management Journal
, 2007
"... In this paper, I examine the impact of partner technological diversity and alliance organizational form on firm innovative performance. Using a sample of 463 R&D alliances in the telecommunications equipment industry, I find that alliances contrib-ute far more to firm innovation when technologic ..."
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Cited by 60 (0 self)
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In this paper, I examine the impact of partner technological diversity and alliance organizational form on firm innovative performance. Using a sample of 463 R&D alliances in the telecommunications equipment industry, I find that alliances contrib-ute far more to firm innovation when technological diversity is moderate, rather than low or high. Although this relationship holds irrespective of alliance organization, I find that hierarchical organization, such as an equity joint venture, improves firm benefits from alliances with high levels of technological diversity. Thus, alliance organizational form likely influences partner ability and incentives to share informa-tion, which affects performance. Innovation has become the industrial religion of the late 20th century. Business sees it as the key to increasing profits and market share.... Yet there is still much confusion over... how to make it happen.-The Economist, 1999 Increasingly, competition among firms turns on whether they can create and commercialize knowl-edge in a timely and cost-efficient manner. This observation is particularly true for technology-in-tensive industries, where the pace of technological development is increasing, product life cycles are shortening, and the expense of updating capital equipment is rising. In response to these competi-tive pressures, firms often look for alternatives to in-house R&D. Interfirm R&D collaboration repre-sents one such alternative whereby firms may gain access to complementary capabilities, reap econo-mies of scale in R&D, and shorten development time while spreading the risk and cost of such new developments (e.g., Mariti & Smiley, 1983; Powell,
