Complementarity, status similarity and social capital as drivers of alliance formation

• 成果类型: Article
• 署名作者: Chung, S; Singh, H; Lee, K
• 署名单位: University of Pennsylvania; Yonsei University; Seoul National University (SNU)
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• 发表日期: 2000
• 页码: 1-22
• 关键词: Strategic alliance; Social capital; status; investment banking; interorganizational network

摘要

Using data on U.S. investment banking firms' syndication in underwriting corporate stock offerings during the 1980s, this study explores the factors that drive alliance formation between two specific firms. We compare resource complementarity, status similarity, and social capital as a basis of alliance formation. The findings indicate that the likelihood of investment banks' alliance formation is positively related to the complementarity of their capabilities, as well as their status similarity. Social capital arising from banks' direct and indirect collaborative experiences also plays a very important role in alliance formation. The number of deals given by a lead bank to a potential partner over the past three years has an inverted U-shaped relationship to the probability that the lead bank will invite the potential partner to form an alliance. Our findings indicate that status similarity and social capital have a stronger effect on alliance formation in initial public offering deals than in secondary offering deals, as the former are more uncertain than the latter. Using these findings, we discuss the role of complementarity, status similarity, and social capital in alliance formation. Copyright (C) 2000 John Wiley & Sons, Ltd.