“…Regarded as "lying somewhere in between single-firm activity and spot contracting" (Lindsey, 2008) and presenting increased mutual commitment in comparison to arm's-length market transactions (Chan et al, 1997), strategic alliances further comply with the diffusion requirements proposed by Rogers. Empirical inferences about knowledge diffusion via strategic alliances are usually based on the contracting parties' stock price performance (Boone and Ivanov, 2012;Mohanram and Nanda, 1996;Chen, King, and Wen, 2015;Anand and Khanna, 2000), return on equity, (cash flow) return on assets (Chan et al, 1997;Porrini, 2004) and post-reorganization performance (Cai and Sevilir, 2012;Higgins and Rodriguez, 2006;Ishii and Xuan, 2014;Porrini, 2004). Other scholars apply exploratory approaches by conducting surveys (Dyer and Hatch, 2006) or interviews (Inkpen, 2008).…”