Creating shareholder value via collaborative innovation: the role of industry and resource alignment in knowledge exploration

Abstract

Collaborative innovation provides firms with a privileged opportunity to perform exploration in an externally oriented mode. The central challenges in exploration via collaborative innovation lie in the selection of relevant partners and in gaining access to potentially valuable external knowledge that the focal firm lacks. This article focuses on two aspects of inter-organizational alignment that affect knowledge differences and may thus help explaining the shareholder value implications arising from collaborative innovation: industry and resource alignment. Relying on data covering 97 bilateral collaborative innovations (194 innovation partners) in R&D intensive high-technology industries, we used event study methodology and follow-up hierarchical regression analyses to test our conceptual framework. With regard to industry alignment, results suggest that investors value greater industry distance between collaborating partners, especially when the partner firm provides high-level R&D resources. Furthermore, the results show a positive effect of supplementary resource alignment (i.e., a focal firm's R&D resources are supplemented by a partner firm's R&D resources) and, notably, a negative effect of complementary resource alignment (i.e., a focal firm's R&D resources are complemented by a partner firm's marketing resources) on investors' valuation of the collaboration's expected future performance. They, thus, contribute to research on shareholder value implications of collaborative innovation. From a managerial perspective, the study provides a better understanding of partner selection and shows how managers should position a collaboration to signal the shareholder value-creating potential to investors.Routines associated with exploration describe the search for new knowledge, thus facilitating diversity of knowledge and creation of more innovative 396 R&D Management , 4, 2018 48Sebastian Heil and Torsten Bornemann

Management of Innovations in the Supply Chains of Russian Oil and Oil Products Taking Into Account Regional Structure

“…The Republic of Korea also acts as a major consumer of Russian oil in the region, where more than 5% of exports go. Due to the fact that the vast majority of oil refineries in the country are included in the structure of vertically integrated companies, they are provided with their own raw materials [1][2][3][4][5][6]. In this regard, the import of crude oil into Russia is insignificant; he comes from Kazakhstan, mainly to the Orenburg region.…”

Open Innovation in the Italian Fashion System: Structural Characteristics in the Knitwear Sector

“…Indeed, previous research on open innovation has mainly focused on collaborative inventing; currently, open innovation requires collaboration among distributed but interdependent actors who rely on each other"s capabilities for value creation and capture. Many study perspectives currently offer value perspective on open innovation (Chesbrough et al, 2018;Eggert et al, 2018;Heil & Bornemann, 2018). We hypothesize a role of continuous cooperation in supply chainssupply side -both early and in the experimental sense, in the processes of creating innovative processes concerning products and business models.…”

Substantive Innovation or Strategic Innovation? Research on Multiplayer Stochastic Evolutionary Game Model and Simulation

“…rough empirical research, Heil and Bornemann demonstrated that the integration of R&D resources would affect the investor's evaluation on future cooperative performance [5].…”