Abstract
This exploratory study analyses the factors that affect the selection of a contract, alliance or joint venture for collaborative activity. The findings, based on a sample of 441 announcements made by UK firms, reveal that although no unequivocal support exists for either the agency- or transaction cost economics-based explanations of vehicle choice, the decision does appear to have a strategic element. In addition, the results suggest that while the three forms of inter-firm arrangement are often viewed as points on a continuum, the key decision relates to whether or not to establish a joint venture. In the light of these initial findings, future research might most usefully investigate decision-making of this type on a case-by-case basis, rather than attempting to induce pervasive explanations of the process.
Original language | English |
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Pages (from-to) | 201-225 |
Number of pages | 25 |
Journal | European Journal of Finance |
Volume | 16 |
Issue number | 3 |
DOIs | |
Publication status | Published - 2010 |
Keywords
- joint venture
- alliance
- contract
- collaboration
- agency
- transaction cost economics
- INTERNATIONAL JOINT VENTURES
- TRANSACTION-COST ECONOMICS
- RESEARCH-AND-DEVELOPMENT
- STRATEGIC ALLIANCES
- INVESTMENT OPPORTUNITIES
- EARNINGS ANNOUNCEMENTS
- KNOWLEDGE TRANSFER
- CAPITAL STRUCTURE
- SUPPORT EXCHANGE
- MARKET VALUATION