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| Tekijä: | Williams, C. Lee, S.H. |
| Otsikko: | Exploring the internal and external venturing of large R&D-intensive firms |
| Lehti: | R & D Management
2009 : JUN, VOL. 39:3, p. 231-246 |
| Asiasana: | r&d new products strategic planning venture management high technology pharmaceutical industry |
| Kieli: | eng |
| Tiivistelmä: | The realized strategies of large R&D-intensive firms are inspected through a venturing lens, with focus on two industries: pharmaceuticals and high-tech equipment manufacturing. Especially, we examine changes in strategy over time in two critical dimensions: venturing focus, (internally vs externally oriented), and learning orientation (explorative vs exploitative). The empirical analysis is based on news stories considering six large, R&D-intensive firms over a 6-year period. The results suggest the following: (1) exploration is more prevalent than exploitation in both industries studied, but pharmaceuticals prefer more internal venturing than high-technology equipment manufacturing; (2) three firm-level venturing strategy types can be distinguished, independent of the specific industry; and (3) change in realized strategy is a dynamic capability facilitated by firm-level factors. These results, albeit explorative, underline venturing in R&D industries as a dynamic capability influenced by firm-level characteristics rather than industry membership. |
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