UNPACKING FUNCTIONAL ALLIANCE PORTFOLIOS: HOW SIGNALS OF VIABILITY AFFECT YOUNG FIRMS' OUTCOMES

• 成果类型: Article
• 署名作者: Hoehn-Weiss, Manuela N.; Karim, Samina
• 署名单位: University of Washington; University of Washington Bothell; Boston University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2158
• 发表日期: 2014
• 页码: 1364-1385
• 关键词: alliance portfolio; entrepreneurial venture; venture capital; IPO; SIGNALING THEORY

摘要

This article investigates how alliance portfolio composition affects young firms' outcomes. Drawing on signaling theory, we propose how alliance portfolio composition-number, functional domains (R&D, manufacturing, and marketing), and single-purpose or multi-purpose nature of alliances within the portfolio-may affect a firm's likelihood of achieving a liquidity event (IPO or acquisition). We study 8,600 U. S.-based, VC-backed firms during the period of 1990 to 2002 from 10 industry sectors. We find that alliance portfolios (to a certain extent) increase a firm's liquidity event likelihood. Further, firms with heterogeneous alliance portfolios, including portfolios emitting greater efficiency signals versus endorsement signals, are more likely to experience an IPO versus acquisition. Our findings lend support to the value of multi-function alliances within portfolios. Copyright (C) 2013 John Wiley & Sons, Ltd.