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Why Firms Form Research Joint Ventures: Theory and Evidence

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  • Lars-Hendrik Röller
  • Mikhel M. Tombak
  • Ralph Siebert

Abstract

The literature on research joint ventures (RJVs) has emphasized internalizing spillovers and cost-sharing as motives for RJV formation. In this paper we develop two additional explanations: product market complementarities and firm heterogeneity. We analyze a model of RJVs with asymmetric firms and differentiated products. We then test these various explanations for RJV formation using data now available through the U.S. National Cooperative Research Act. ZUSAMMENFASSUNG - (Warum Unternehmen Forschungs-Joint Ventures gründen: Theorie und Empirie) Die Literatur über Forschungs-Joint Ventures (FJVs) hat die Internalisierung von Spillovers und die Kostenaufteilung als Motive für das Entstehen von FJVs hervorgehoben. In dieser Studie werden zwei weitere Erklärungen mitaufgenommen: die Produktmarktkomplementarität und die Unternehmensheterogenität. Diese Motive werden mit Hilfe von Daten, die aufgrund des U:S:-amerikanischen "National Cooperative Research Act" verfügbar sind, getestet.

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Bibliographic Info

Paper provided by Wissenschaftszentrum Berlin (WZB), Research Unit: Competition and Innovation (CIG) in its series CIG Working Papers with number FS IV 97-06.

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Length: 30 pages
Date of creation: Mar 1997
Date of revision: Oct 1997
Handle: RePEc:wzb:wzebiv:fsiv97-6

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Keywords: Research & Development; Joint Venture; Product Market Competition;

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References

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  1. Kogut, Bruce, 1989. "The Stability of Joint Ventures: Reciprocity and Competitive Rivalry," Journal of Industrial Economics, Wiley Blackwell, vol. 38(2), pages 183-98, December.
  2. Irwin, Douglas A. & Klenow, Peter J., 1996. "High-tech R&D subsidies Estimating the effects of Sematech," Journal of International Economics, Elsevier, vol. 40(3-4), pages 323-344, May.
  3. Reinganum, Jennifer R., 1982. "Uncertain Innovation and the Persistence of Monopoly," Working Papers 431, California Institute of Technology, Division of the Humanities and Social Sciences.
  4. Jorde, Thomas M & Teece, David J, 1990. "Innovation and Cooperation: Implications for Competition and Antitrust," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 75-96, Summer.
  5. Jacquemin, Alexis, 1988. "Cooperative agreements in R&D and European antitrust policy," European Economic Review, Elsevier, vol. 32(2-3), pages 551-560, March.
  6. Vickers, John, 1995. "Concepts of Competition," Oxford Economic Papers, Oxford University Press, vol. 47(1), pages 1-23, January.
  7. Shapiro, Carl & Willig, Robert D, 1990. "On the Antitrust Treatment of Production Joint Ventures," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 113-30, Summer.
  8. De Bondt, Raymond, 1997. "Spillovers and innovative activities," International Journal of Industrial Organization, Elsevier, vol. 15(1), pages 1-28, February.
  9. Nalebuff, Barry J & Stiglitz, Joseph E, 1983. "Information, Competition, and Markets," American Economic Review, American Economic Association, vol. 73(2), pages 278-83, May.
  10. Teece, David J., 1986. "Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy," Research Policy, Elsevier, vol. 15(6), pages 285-305, December.
  11. Kamien, Morton I & Muller, Eitan & Zang, Israel, 1992. "Research Joint Ventures and R&D Cartels," American Economic Review, American Economic Association, vol. 82(5), pages 1293-306, December.
  12. Kamien, Morton I & Zang, Israel, 1993. "Competing Research Joint Ventures," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 2(1), pages 23-40, Spring.
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