By Katharina Wratschko, Prof. Dr. Gerhard Speckbacher
Strategic alliances became an essential component of a firm’s approach. regardless of the becoming empirical proof of the strategic value of alliances, the impact of a firm’s technique at the layout of its alliance portfolio has not often been addressed through strategic administration research.
Following the resource-based view, social community concept and transaction fee thought, Katharina Wratschko indicates the complicated dating among a firm’s enterprise procedure and its alliance portfolio. utilizing Miles and Snow’s strategic typology as integrative framework, pattern enterprises are clustered into strategic forms. effects ascertain that alliance portfolio features (size, range, tie power) vary considerably among process teams in the similar undefined. Hypotheses are demonstrated with large information at the alliance portfolios of ninety US-listed pharmaceutical businesses (roughly 2800 alliances). effects verify the excessive interdependence of commercial approach and alliance portfolio administration.
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Additional resources for Strategic Orientation and Alliance Portfolio Configuration: The Interdependence of Strategy and Alliance Portfolio Management
One has to bear in mind, however, that the deeper logic of the two theories is quite reverse: TCE holds that informal safeguards are employed as tools to reduce transaction costs, whereas social network theory puts the social context first in the analysis of causal links (Borgatti and Foster, 2003: 995; Jones, Hesterley and Borgatti, 1997). 26 Figure 3: Antecedents, consequences of embeddedness. Source: adapted from Uzzi (1997: 62). Granovetter (1992) continues the discussion by pointing out two distinct dimensions of the concept of embeddedness, namely relational and structural embeddedness.
Transaction cost theory holds that informal governance mechanisms are less costly than formal ones. The argument in favor of network embeddedness goes even further in explaining how these informal mechanisms like trust and reputation develop and how they can be sustained. Effective governance increases relational rents by lowering transaction costs and/or by fostering learning and skills sharing. Dyer and Singh also suggest “isolating mechanisms” to 37 preserve relational rents: inter-organizational asset interconnectedness, partner scarcity, resource indivisibility, and a difficult-to-imitate institutional environment.
Obviously, management has to account for factors other than transactions costs when making a boundary decision (Williamson, 1985: 69, 1991a: 293). If benefits derived from strategic opportunities and complementary resources outweigh already high governance costs, the alliance will still be preferred to hierarchy (Zajac and Olsen, 1993: 138). In their seminal 1998 article, Dyer and Singh position their “relational view” as complementary and in some way even contradictory concept to the industry structure approach (Porter, 1980) and the internally oriented resource-based view (Barney, 1991; Wernerfelt, 1984).