Alliances and Survival of New Biopharmaceutical Ventures in the Wake of the Global Financial Crisis
研究了2008年金融危机期间，新生物制药企业的探索型联盟（长期导向）使其更易受冲击，而利用型联盟及两者平衡则有助于抵御外部冲击。
Engaging in exploration and exploitation is essential to business survival and performance. While firms manage exploration and exploitation alliances for the long‐term, how prepared are they for sudden shocks in the short‐term? We address this question in the context of a unique and opportune natural experiment associated with the 2008 financial crisis. Our analysis of 155 new biopharmaceutical ventures over a seven‐year period suggests that exploration alliances—with a long‐term orientation—make a firm more vulnerable to external shocks. In contrast, exploitation alliances as well as a balance between exploration and exploitation alliances—which underlie short‐term performance—enable the firm to sustain external shocks.