Strategic alliances and the boundaries of the firm
Publication
, Journal Article
Robinson, DT
Published in: Review of Financial Studies
April 1, 2008
Strategic alliances are long-term contracts between legally distinct organizations that provide for sharing the costs and benefits of a mutually beneficial activity. In this paper, I develop and test a model that helps explain why firms sometimes prefer alliances over internally organized projects. I introduce managerial effort into a model of internal capital markets and show how strategic alliances help overcome incentive problems that arise when headquarters cannot pre-commit to particular capital allocations. The model generates a number of implications, which I test using a large sample of alliance transactions in conjunction with Compustat data.
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Published In
Review of Financial Studies
DOI
EISSN
1465-7368
ISSN
0893-9454
Publication Date
April 1, 2008
Volume
21
Issue
2
Start / End Page
649 / 681
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
- 1401 Economic Theory
Citation
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MLA
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Robinson, D. T. (2008). Strategic alliances and the boundaries of the firm. Review of Financial Studies, 21(2), 649–681. https://doi.org/10.1093/rfs/hhm084
Robinson, D. T. “Strategic alliances and the boundaries of the firm.” Review of Financial Studies 21, no. 2 (April 1, 2008): 649–81. https://doi.org/10.1093/rfs/hhm084.
Robinson DT. Strategic alliances and the boundaries of the firm. Review of Financial Studies. 2008 Apr 1;21(2):649–81.
Robinson, D. T. “Strategic alliances and the boundaries of the firm.” Review of Financial Studies, vol. 21, no. 2, Apr. 2008, pp. 649–81. Scopus, doi:10.1093/rfs/hhm084.
Robinson DT. Strategic alliances and the boundaries of the firm. Review of Financial Studies. 2008 Apr 1;21(2):649–681.
Published In
Review of Financial Studies
DOI
EISSN
1465-7368
ISSN
0893-9454
Publication Date
April 1, 2008
Volume
21
Issue
2
Start / End Page
649 / 681
Related Subject Headings
- Finance
- 3801 Applied economics
- 3502 Banking, finance and investment
- 1502 Banking, Finance and Investment
- 1402 Applied Economics
- 1401 Economic Theory