Inter-firm collaboration among knowledge-intensive firms is increasing as a result of accelerating competition, falling regulatory barriers and rising customer expectations. Resource dependency theory is used to position knowledge as the key resource for the knowledge-based enterprise and to examine the suitability of alliances as a mode of knowledge acquisition and exchange, contrasted particularly with merger and acquisition. The alliance and knowledge literatures are reviewed, and particular attention is paid to the critical alliance formation stage. This stage is reviewed against a research model that posits firm performance in knowledge creation arises from a number of factors, including the motivation for an alliance, partner firm characteristics (the ability to develop and sustain valuable resources; absorptive capacity; combinative capability; experience with alliances; and appropriate design for knowledge exchange), the development of operating structures and norms, and the choice of alliance structure. The paper concludes with suggestions for future research.
This article defines collaborations between firms that involve the creation of a separate, autonomous, and legally recognized firm — a ‘newco’ — as a joint venture. Joint ventures usually, but not always, involve parties who have contributed equity in creating the ‘newco’, so the term joint venture in this article refers to equity joint ventures. Joint ventures typically involve collaborations between two parties, but there can be more. This article defines an alliance as a cooperative agreement between at least two firms. These firms combine their resources and capabilities in the pursuit of collective and individual strategic objectives. This article begins with a discussion of the frequency with which firms rely on joint ventures and alliances and the motivations that lead economic actors to develop joint ventures and/or alliances. It provides a detailed discussion of the theory underlying partner selection in joint ventures and alliances.
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