Exploration, exploitation, and firm age in alliance portfolios

Manuel Guisado-González (), Jennifer González-Blanco () and José Luis Coca-Pérez ()
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Manuel Guisado-González: University of Extremadura
Jennifer González-Blanco: University of Vigo
José Luis Coca-Pérez: University of Extremadura

Eurasian Business Review, 2019, vol. 9, issue 4, No 1, 387-406

Abstract: Abstract We analyzed the relationship between exploration-oriented and exploration-oriented alliances. Through the complementarity approach, three possible relationships were analyzed: complementarity, substitutability, and no relationship. We use Technological Innovation Panel data for Spanish manufacturing firms for 2005–2013. The econometric technique that we used to estimate the coefficients was population-averaged OLS. Our findings suggest that alliance portfolios formed by exploration-oriented and exploration-oriented alliances achieve worse innovation performance than specialized exploration or exploitation portfolios. In addition, we found that a single class of alliance has different impacts on innovation performance depending on whether it is implemented by a young company or a mature company.

Keywords: Exploration; Exploitation; Firm age; Alliances; Complementarity approach (search for similar items in EconPapers)
JEL-codes: C12 D24 L24 O32 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/s40821-019-00131-y

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