The Impact of Partner Age Asymmetry on Strategic Alliance Value

Abstract

Abstract:

Asymmetric alliance is becoming more and more significant for a firm's success in the new environment. Based on data of equity alliances formed by firms listed on Shenzhen exchange market from 2009 to 2013, we investigate the impact of partner age asymmetry on alliance value for firms in the manufacturing industry. We find that the impact of partner age asymmetry on alliance value is moderated by the firm's age, size and R&D capability. Results show that asymmetric age partners are more valuable than symmetric ones for old firms, but the value created in asymmetric alliances decreases when a firm is big in size or high in R&D capability. On the contrary, partners of similar ages are better choices for young firms, and the alliance value of cooperating with a symmetric age partner increases with the young firm's size and R&D capability. This paper contributes to research on partner selection. It explores the boundary conditions for value creation by strategic alliances, which illustrates the contingent effect of a firm's attributes in the relationship between its partners' age asymmetry and the firm's value extracted from strategic alliances.

Key words: partner age, asymmetry, alliance value, firm size, R&D capability

Zhao Chao, Wang Tienan. The Impact of Partner Age Asymmetry on Strategic Alliance Value[J]. , 2019, 31(11): 183-194.

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