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Commercialization strategies of young biotechnology firms: An empirical analysis of the U.S. industry

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  • Kasch, Silja
  • Dowling, Michael
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    Abstract

    We studied the commercialization strategies of young biotechnology companies in the United States building on previous studies by assuming that commercialization also includes intermediate forms like hierarchical or bilateral cooperation. Our hypotheses are derived from the Resource-Based View, Transaction Cost Economics, and Property Rights Theory. The results show that the propensity to integrate is related to the appropriability regime, direct capabilities, financial resources, and synergies between the products. Our results show that the Resource-Based View and Property Rights Theory contribute a great deal to explaining commercialization strategies, whereas Transaction Cost Economics explains less.

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    Bibliographic Info

    Article provided by Elsevier in its journal Research Policy.

    Volume (Year): 37 (2008)
    Issue (Month): 10 (December)
    Pages: 1765-1777

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    Handle: RePEc:eee:respol:v:37:y:2008:i:10:p:1765-1777

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    Web page: http://www.elsevier.com/locate/respol

    Related research

    Keywords: Biotechnology Commercialization Resources Transaction costs;

    References

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    3. Teece, David J., 1992. "Competition, cooperation, and innovation : Organizational arrangements for regimes of rapid technological progress," Journal of Economic Behavior & Organization, Elsevier, vol. 18(1), pages 1-25, June.
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    6. Loasby, Brian J., 1998. "The organisation of capabilities," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 139-160, April.
    7. Greis, Noel P. & Dibner, Mark D. & Bean, Alden S., 1995. "External partnering as a response to innovation barriers and global competition in biotechnology," Research Policy, Elsevier, vol. 24(4), pages 609-630, July.
    8. T. K. Das, 1996. "Risk Types And Inter-Firm Alliance Structures," Journal of Management Studies, Wiley Blackwell, vol. 33(6), pages 827-843, November.
    9. Oxley, Joanne E, 1997. "Appropriability Hazards and Governance in Strategic Alliances: A Transaction Cost Approach," Journal of Law, Economics and Organization, Oxford University Press, vol. 13(2), pages 387-409, October.
    10. Chen, Homin & Chen, Tain-Jy, 2003. "Governance structures in strategic alliances: transaction cost versus resource-based perspective," Journal of World Business, Elsevier, vol. 38(1), pages 1-14, February.
    11. Luis Araujo & Anna Dubois & Lars-Erik Gadde, 2003. "The Multiple Boundaries of the Firm," Journal of Management Studies, Wiley Blackwell, vol. 40(5), pages 1255-1277, 07.
    12. Aghion, Philippe & Tirole, Jean, 1994. "On the Management of Innovation," IDEI Working Papers 36, Institut d'Économie Industrielle (IDEI), Toulouse.
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