Where open innovation partnership matters: Phase-specific patterns in R&D project counts for large pharmaceutical firms
研究了24家大型制药企业20年间股东信中的开放创新合作强调程度，发现其与实验和商业化阶段的项目数量正相关，但与发现阶段无关，为管理者提供了分阶段优化合作策略的启示。
Firms are increasingly leveraging open innovation (OI) partnership to access external knowledge and navigate scientific and regulatory challenges. However, large firms differ in how strongly they emphasize OI in public communications, and the implications for various phases of the R&D pipeline remain unclear. This gap is significant because managerial language reflects strategic priorities over the long term; it indicates resource allocation, highlights trade-offs, and shapes stakeholder expectations. We develop and test propositions that link firms' emphasis on OI partnership to the number of active projects across three R&D phases: discovery, experimentation, and commercialization. Using established topic modeling techniques, we analyze annual shareholder letters from 24 large pharmaceutical firms over 20 years to create a continuous, firm-year measure of OI partnership and correlate it with phase-level project counts. Fixed-effects negative binomial models are utilized to investigate whether the expected association patterns are observable in the data. Findings are consistent with a null association in the discovery phase but positive associations in the experimentation and commercialization phases, suggesting different influences across R&D phases, which are critical conditions for achieving project success. This study empirically demonstrates how a firm's emphasis on OI partnership aligns with project activities throughout the R&D pipeline, providing a process-oriented, phase-contingent perspective on OI. Theoretically, by presenting propositions and associational evidence, this work outlines expected relationships within an emerging theoretical domain. Practically, it offers actionable insights for managing external partnerships in high-uncertainty industries, highlighting the need for a nuanced approach to OI adoption to optimize innovation pipelines. • This study advances OI research through a phase-specific, project-level analysis. • Firms' collaborative language offers an alternative measure of OI. • OI partnership relates differently to early and late-stage R&D projects. • Project counts serve as structural precursors to innovation success. • Managers should align OI partnership with distinct R&D phase objectives.