Exploration or exploitation? Small firms' alliance strategies with large firms
研究小企业与大型企业建立探索型或利用型联盟对其估值的影响，发现利用型联盟通常带来更高估值，但通过适当治理可提升探索型联盟的估值。
How do small firms manage their alliance strategies with large firms? This study compares the relative impacts of exploration and exploitation alliances with large firms on small firms' valuation. Integrating the literatures on the exploration/exploitation paradigm and alliance governance, we argue that exploitation alliances with large firms will on average generate higher values for small firms than exploration alliances with large firms due to a heightened risk of appropriation in exploration alliances. However, if small firms can manage their alliances with large firms via proper alliance governance, they will increase their valuations from exploration alliances with large firms. Analyses of the U.S. biopharmaceutical industry from 1984 to 2006 largely support our hypotheses . Copyright © 2013 John Wiley & Sons, Ltd.