Tapping Deep Pockets: The Role of Resources and Social Capital on Financial Capital Acquisition by Biotechnology Firms in Biotech-Pharma Alliances
AbstractStrategic alliances with pharmaceutical firms allow small biotechnology firms to acquire needed financial capital in exchange for sharing new, cutting-edge technologies. This study draws from aspects of resource-based view and social capital theory to examine the factors that influence the extent of financial capital biotech firms acquire when forming an alliance with pharmaceutical firms. Using a sample of 184 alliances from the period 1995-2000, we found that alliances where the pharmaceutical firm has greater management control are associated with greater acquisition of financial capital by the biotech firm. We also found that the credibility of the pharmaceutical firm is positively associated with the extent of financial capital acquired by the biotechnology firm and that the number of patents that the biotech firm has is negatively associated to the financial capital the biotech firm receives. We discuss the implications of our findings for theory, research, and management practice. Copyright (c) Blackwell Publishing Ltd 2008.
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Management Studies.
Volume (Year): 45 (2008)
Issue (Month): 8 (December)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2380
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- Subramanian, Annapoornima M. & Lim, Kwanghui & Soh, Pek-Hooi, 2013. "When birds of a feather don’t flock together: Different scientists and the roles they play in biotech R&D alliances," Research Policy, Elsevier, vol. 42(3), pages 595-612.
- Kevin Morrell & Ian Clark, 2010. "Private Equity and the Public Good," Journal of Business Ethics, Springer, vol. 96(2), pages 249-263, October.
- Lo Nigro, Giovanna & Perrone, Giovanni & Chiapparrone, Silvia, 2012. "Governance forms drivers in bio-pharmaceutical inter-firm relationships," International Journal of Production Economics, Elsevier, vol. 140(2), pages 604-613.
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