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The effect of alliance portfolio configuration on innovative performance of entrepreneurial firms: a study of dedicated biotechnology firms

机译：联盟投资组合配置对创业公司创新绩效的影响：专门的生物技术公司研究

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Alliance portfolio is the full set of alliances that a firm undertakes with different partners. Previous research has shifted the focus from the drivers and outcomes of individual alliances to the effects of alliance portfolio on firm-level outcomes. However, current research on alliance portfolio is inadequate in several aspects. First, different dimensions of alliance portfolio have been randomly chosen and inconclusively studied. Second, it is unclear whether alliance portfolio exerts its effect on innovation through tangible or intangible resources, or both. Third, it is unclear whether external resources obtained from alliances complement or are a substitute for the internal resources of the top management team. To address these gaps, I identified three key dimensions – size, diversity and intensity – of an alliance portfolio, and developed a theoretical model based on the resource-based view and firm capability perspective to examine the interactive relationships among various dimensions of portfolio on the innovative outputs of an entrepreneurial firm. I hypothesized a mediating role of alliance capital and a moderating role of the top management team’s capability in the relationships between alliance portfolio and innovative outputs. The proposed theoretical model was tested on the archival data of 238 U.S. biotechnology firms who undertook 2501 alliances from their inception until 2009. Results based on negative binomial regressions showed that (1) portfolio size was positively related to innovative outputs, (2) portfolio diversity and portfolio intensity strengthened the positive relationship between portfolio size and innovative outputs, (3) the top management team’s capability strengthened the moderating effect of portfolio intensity, and (4) portfolio size had both direct and indirect effects through alliance capital on innovative outputs. This thesis contributes to the literature on alliance portfolio by examining whether different dimensions of alliance portfolio interactively affect innovation, whether alliance portfolio affects innovation both directly and indirectly through financial resources generated from the portfolio, and whether external portfolio resources complement internal top management team resources on innovation. The findings suggest that managers of entrepreneurial firms should actively manage their portfolio of alliances for diversity and intensity, and they should be aware of the complementarity of alliance and internal resources. (348 words)
机译：联盟投资组合是公司与不同合作伙伴进行的全套联盟合作。先前的研究已将重点从单个联盟的驱动因素和结果转移到联盟投资组合对公司级结果的影响。但是，目前关于联盟投资组合的研究在几个方面是不足的。首先，已经随机选择了联盟投资组合的不同维度，并进行了不确定的研究。其次，尚不清楚联盟投资组合是否通过有形或无形资源，或两者都对创新发挥作用。第三，目前尚不清楚从联盟获得的外部资源是对高级管理团队内部资源的补充还是替代。为了解决这些差距，我确定了联盟投资组合的三个关键维度（规模，多样性和强度），并基于基于资源的观点和企业能力的观点开发了一种理论模型，以研究联盟投资组合各个维度之间的互动关系。创业公司的创新成果。我假设联盟资本在联盟投资组合和创新产出之间的关系中起着中介作用，而最高管理团队的能力则起适度作用。对该理论模型进行了测试，从238家美国生物技术公司从成立到2009年共进行2501个联盟的档案数据进行了检验。基于负二项式回归的结果表明：（1）投资组合规模与创新产出呈正相关，（2）投资组合多样性投资组合强度增强了投资组合规模与创新产出之间的正相关关系；（3）高管团队的能力增强了投资组合强度的调节作用；（4）投资组合规模通过联盟资本对创新产出具有直接和间接影响。本文通过研究联盟投资组合的不同维度是否会相互作用地影响创新，联盟投资组合是否通过投资组合产生的财务资源直接或间接地影响创新，外部投资组合资源是否补充了内部最高管理团队资源，为联盟投资组合的文献提供了依据。革新。研究结果表明，创业公司的管理者应积极管理其联盟的投资组合，以实现多样性和强度，他们应意识到联盟和内部资源的互补性。 （348字）

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