Physical distance vs. clustering as influences on contracting complexity for biopharmaceutical alliances
研究了生物制药公司是否因同处一个区域集群或物理邻近而影响合同复杂性，发现地理邻近无影响，但旧金山湾区集群内共处会降低合同复杂性，其他集群则无此效应。
We examine whether the presence of alliance firms in the same regional cluster or in close physical proximity influences contracting behaviour of biopharmaceutical companies by enhancing coordination and mitigating the need for control. The literature addressing geographical proximity and alliance contracting fails to make a clear distinction between physical co-location and co-location within a cluster, although the two attributes are conceptually distinct. We find that geographic proximity is not related to contracting behaviour. The impact of co-location within a cluster is more nuanced. Specifically, we find that co-location in the San Francisco Bay Area cluster is associated with less complex contracting; however, co-location in other biotechnology clusters does not seem to be related to contracting behaviour. We believe that the informal business environment characterising the Bay Area cluster, as well as unique roles played by venture capital and law firms located in the Bay Area account for the distinct result.