This paper proposes a co-evolutionary theory of strategic alliances. The paper proposes a framework which views strategic alliances in the context of the adaptation choices of a firm. Strategic alliances, in this view, are embedded in a firm's strategic portfolio, and co-evolve with the firm's strategy, the institutional, organizational and competitive environment, and with management intent for the alliance. Specifically, we argue that alliance intent may be described, at any time, as having either exploitation or exploration objectives. We further discuss how the morphology of an alliance—absorptive capacity, control, and identification—may be isomorphic with its intent, and, in the aggregate, drive the evolution of the population of alliances.

No abstract

The increased number of perspectives on joint ventures (JVs) raises important issues for theory development on interfirm collaboration. In this paper, we bring together two key theoretical perspectives on joint ventures—the asymmetric information perspective and the indigestibility view. On a theoretical level, we focus on the relationship between these two different explanations of joint ventures. We also present new evidence on the firm valuation effects of JVs in domestic and international investment contexts. The findings lend support to the asymmetric information perspective on resource combination through joint ventures. Copyright © 2000 John Wiley & Sons, Ltd.

No abstract

This paper examines a single longitudinal case study of a professional service network in the public accounting industry, a network intentionally created and formally organized to pursue residual referral revenue for the member firms. Applying and extending a coevolutionary perspective (Koza and Lewin 1998), the paper explores the antecedents and stimuli for the formation of the network, the network's morphology, the motivation of the network members, and the ways in which the network coevolves with its environment and with the adaptation practices of its members. We find that the network was initially created with the strategic intent of producing incremental income in exchange for cross-border referrals. However, we also find that this strategy reveals asymmetric positive returns, which produce serendipitous opportunities for individual member firms to bypass the original intent of network by entering each other's market. We propose that such tensions may be endemic to alliance networks, and we explore their sources and consequences on a variety of characteristics, including network stability, member opportunism, and control. The paper concludes with a model of the coevolutionary process.