Alliances have become a critical factor for innovation development. However, the lack of proximity between partners, which goes beyond the geographical facet, also involving cognitive, social, organizational, and institutional characteristics, can influence companies' outcomes. In this sense, little is known about the interrelationship of proximities in innovation alliances. Therefore, this research aimed to underscore how proximities' combinations influence innovation alliances. Precisely, we investigated arrangements, dynamism, and compensation mechanisms regarding exploration (access to original knowledge) and exploitation (reinforcement of existing knowledge) innovation alliances. Using a qualitative approach, the study was divided into two methods: Qualitative Comparative Analysis (QCA) and case study. In the former, by applying a survey with 174 participants, we examined proximities' causal configurations. The results revealed, that, on one hand, exploration alliances rely on social, cognitive, or institutional proximity with physically close partners, while exploitation alliances are dependent on cognitive and social proximity, in addition to the absence of organizational proximity. We underscore the relevance of social proximity in all arrangements. We highlight the relevance of social ties in all arrangements. In the case study, we interviewed three companies in order to evaluate proximities alteration overtime along with their compensation mechanisms. Therefore, we demonstrated that proximities are not static mechanisms, but dynamic and interrelated ones. All non-geographic proximities have intensified over time, thus confirming their dynamism. We observed a switch relationship between organizational and institutional proximities, supported by social proximity. The lack of cognitive proximity was compensated by institutional, social, and geographical proximities, whereas geographical distance was waged by non-geographical proximities. Summarizing, we believe alliances' innovative orientation do not depend on developing all dimensions and these proximities need to be analyzed together, given that none of the arrangements was efficient based on only one dimension. In addition, our work scope proposed advances by indicating differences on proximities combinations depending on innovation orientation. Finally, innovation international alliances must focus on fostering trust, on overlapping knowledge, on designing a command structure, on aligning culturally, as geographical distance was irrelevant.