Sell-off or shut-down? Alliance portfolio diversity and two types of high tech firms’ exit
研究了联盟组合多样性（合作伙伴类型的差异）对高科技企业两种退出方式（出售与关闭）的不同影响，发现多样性对关闭有正向线性影响，对出售呈倒U型关系，且受企业资源能力调节。
Alliance portfolio diversity (APD) – defined as differences between firms’ types of alliance partners (i.e. horizontal, upstream, and downstream) – is a strategic determinant of firm survival. This article analyzes APD in the context of high tech firms who rely on various partners to access complementary resources and secure their business survival, and argues that APD has different impacts on two main types of exit – sell-off and shut-down – which have been combined in previous research. Findings from a comprehensive study of French biotech firms from 1994 to 2002 show that the relationship between APD and shut-down is positive and linear whereas that between APD and sell-off is an inverted U-shaped. The article also finds evidence that the association between APD and firm exit mode is contingent on a firm’s resources and capabilities. The implications for research and managerial practice are discussed.