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| Author: | Wang, L. Zajac, E.J. |
| Title: | Alliance or acquisition? A dyadic perspective on interfirm resource combinations |
| Journal: | Strategic Management Journal
2007 : DEC, VOL. 28:13, p. 1291-1317 |
| Index terms: | consolidation mergers strategy resource allocation corporate governance USA |
| Language: | eng |
| Abstract: | There are two alternative governance structures, i.e. alliance or acquisition, available for firms aiming at strategically combining resources with other firms. This study proposes a dyadic perspective to examine how and why configurations of two firms' resources and capabilities affect the costs and benefits related with each governance structure. It is posited that factors such as 1. the resource similarity and complementarity btw. a pair of firms (here as: p-of-frs.) , 2. the combined relational capabilities of p-of-frs., and 3. the partner-specific knowledge btw. p-of-frs. will affect the likelihood of observing that p-of-frs. forming an alliance vs. engaging in an acquisition. Based on longitudinal data from a sample of the largest firms in the United States (U.S.) btw. 1991 and 2000, there is found support for this study's hypotheses. |
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