文章基本信息

标题：Do Strategic Alliances,Acquisitions,and R&D Investments Act as Complements or Substitutes?
本地全文：下载
作者：Aleksey Martynov
期刊名称：Foundations of Management
电子版ISSN：2300-5661
出版年度：2016
卷号：8
期号：1
页码：7-20
DOI：10.1515/fman-2016-0001
语种：English
出版社：Sciendo
摘要：This paper studies possible complementarities and substitution effects between such strategic choices as alliances,acquisitions and internal R&D investments.The findings indicate that a firm’s absorptive capacity affects the presence of complementarities and substitution effects among those strategic choices.Firms with high absorptive capacity exhibit substitution effects between alliances and acquisitions and between alliances and internal R&D investments.Firms with high absorptive capacity also exhibit complementarities between acquisitions and additional R&D investments.These results were obtained from panel data of large and medium U.S.companies spanning the years 1998-2009.The results are robust to the use of different measures of performance: profitability,market-to-book value,and sales growth.This paper contributes to our understanding of the role of absorptive capacity for the optimal choice of inter-organizational strategy vs.greater internal R&D investments.
关键词：alliances;acquisitions;R&D investments;absorptive capacity;firm performance;panel data