“…Conceptualized as long-term agreements between firms seeking to improve the competitive position of partners by pooling of resources and capabilities (Hagedoorn, 1993), alliances have been used extensively by firms to access additional resources, minimize transaction costs, and secure market advantages (Anand and Khanna, 2000). Moreover, many alliances nowadays exhibit technological exchanges and target international partners (Narula and Hagedoorn, 1998;Garcia-Canal et al, 2008). In terms of organizational choices, alliances are extremely flexible, ranging from simple long-term contractual agreements with a narrow focus (e.g., long standing licensing or technology-sharing agreements) to formation of new entities (e.g., jointventures), all with the goal of maximizing the sought benefits (e.g., mitigate R&D risks, push new industry standards, access new markets) of such collaborations (Teece, 1986;Wang and Zajac, 2007).…”