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Strategic alliances with pharmaceutical firms allow small biotechnology firms to acquire needed financial capital in exchange for sharing new, cutting-edge technologies. This study draws from aspects of resource-based view and social capital theory to examine the factors that influence the extent of financial capital biotech firms acquire when forming an alliance with pharmaceutical firms. Using a sample of 184 alliances from the period 1995-2000, we found that alliances where the pharmaceutical firm has greater management control are associated with greater acquisition of financial capital by the biotech firm. We also found that the credibility of the pharmaceutical firm is positively associated with the extent of financial capital acquired by the biotechnology firm and that the number of patents that the biotech firm has is negatively associated to the financial capital the biotech firm receives. We discuss the implications of our findings for theory, research, and management practice. Copyright (c) Blackwell Publishing Ltd 2008.

This study focuses on integrating the premises of social capital theory and the theory of organizational learning to improve the operational performance of firms nurturing the buyer-supplier relationship. Social capital theory highlights the importance of developing social relationships between firms to create valuable resources and collectively access critical resources. Organizational learning theory highlights that the learning capacity of an organization strongly depends on top-level leaders' behaviors, organizational structure, culture, and flexibility, and uncertainties in the environment in which the organization functions. Though many studies have focused on the impact of social capital on performance improvements in the buyer-supplier relationship, the interlinkages between social capital and organizational learning have not been given much attention. Based upon these theories, a systemfocused perspective, which showcases the antecedents and outcome of the relationship between collaborative communication and learning, has been proposed in this study. A literature review has been carried out to support the linkages in the proposed conceptual model. Findings suggest that transformational buyers support creating cognitive capital with suppliers. This cognitive capital influences the structural capital, which supports improving the understanding of each party's processes in the buyersupplier relationship when parties have high long-term orientation. Improved learning capability reshapes organizations into flexible systems capable of responding quickly to customer requirements, and consequently, they realize a higher performance level.

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