Technology Conglomeration, Strategic Alliances, and Corporate Innovation
研究了技术集聚型企业（探索多个活跃技术领域的企业）如何通过战略联盟促进创新，发现联盟后知识共享和交叉融合增加，专利产出更多且更具新颖性和影响力。
We examine the organizational choice and innovative activity of technology conglomerates—firms that explore different technology fields with heated inventive activity. We develop a measure of firm-to-economy technological proximity to capture the extent of a firm’s technology conglomeration. We show that technology conglomerates are more likely to form alliances and that these alliances lead to higher patent output. In terms of underlying mechanisms, we show that after alliance formation, there are significant knowledge pooling and cross-fertilization between technology conglomerates and their alliance partners. Moreover, technology conglomerates produce more patents that are novel and/or with greater impact. Our findings suggest that both synergy and tolerance for failure are important motives for technology conglomerates to use alliances to accelerate corporate innovation. This paper was accepted by Gustavo Manso, finance.