Technological Strategic Alliances: Formation under the Real Options Approach
AbstractTechnological strategic alliance (TSA) formation represents an important competitive mechanism for firms, and it can be considered as a real option on future technological opportunities. Our objective is to analyse, under a real options reasoning, how firms decide between forming TSAs or adopting alternatives one-step technology strategies. Using a panel of 29376 observations from 4050 manufacturing firms operating in Spain - covering the 1998-2005 period -, we find that the greater the firm?s absorptive capacity and the greater the degree of technological risk, the more likely is the firm to form a TSA rather than adopting other technology strategies. Our results also show that the greater the risk of pre-emption by rivals and the greater the opportunity costs associated with TSA formation, the less likely is the firm to form a TSA.
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Bibliographic InfoPaper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2008-04.
Length: 27 pages
Date of creation: Apr 2008
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