Technological Strategic Alliances: Formation under the Real Options Approach
Technological 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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