Farag Collaborative Value Creation

An Empirical Analysis of the European Biotechnology Industry
1. Auflage 2009
ISBN: 978-3-7908-2145-1
Verlag: Physica-Verlag HD
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 541 Seiten

Reihe: Contributions to Management Science

Collaboration plays an important role in the early development of com- nies. Among others, they provide opportunities to combine complementary resources, develop additional competencies, and generate valuable signals for investors. They are particularly important for biotechnology firms, whose resource base often is not sufficient to realize the market potential of their R&D findings. Strategic alliances thus are an integral part of the business model of most biotechnology companies, but their economic re- vance is not yet fully understood, since research has thus far neglected most industry-specific drivers of alliance value. Based on an event study, Hady Farag analyzes the capital-market re- tion to alliance-related news announcements and assesses their complex - fects on company value. In this regard, the present work represents the first comprehensive study of European biotechnology alliances. In addition to this unique database, the research approach and techniques in sample - lection, econometric and cross-sectional analyses are state-of-the-art. The author develops and empirically tests an integrative dynamic model of collaborative value drivers. These reflect the specific characteristics of biotechnology firms and biotechnology alliances. Moreover, the work - tends to so far entirely unresearched dynamic aspects of alliances, such as the value of contractual flexibilities, the impact of environmental unc- tainty, and the evolution of alliances over time. Overall, Hady Farag's work underscores the need to consider pluralistic influences on the value of collaborative ventures.

Autoren/Hrsg.

Farag, Hady

Inhaltsverzeichnis

1;Foreword;5
2;Preface;6
3;Table of Contents;7
4;List of Abbreviations;12
5;List of Variables;14
6;List of Symbols;19
7;1 Introduction;22
7.1;1.1 Motivation;22
7.2;1.2 Research Agenda;25
7.2.1;1.2.1 Research Objectives;25
7.2.2;1.2.2 Research Approach;28
7.3;1.3 Conceptual Foundations;30
7.3.1;1.3.1 Definition: Collaboration and Alliances;31
7.3.2;1.3.2 Setting: Biotechnology Industry;33
7.3.3;1.3.3 Measure: Collaborative Value;45
8;2 Foundations of Collaborative Value Creation;48
8.1;2.1 Introduction;48
8.2;2.2 Strategic Mechanisms of Collaborative Value Creation;50
8.3;2.3 Organizational Economics of Collaboration;79
8.3.1;2.3.1 Transaction Cost Economics and Alliance Structure;79
8.3.2;2.3.2 Agency and Game Theories of Cooperation;92
8.4;2.4 A Dynamic Theory of Cooperative Value Creation;104
8.4.1;2.4.1 Background and Value-Creating Mechanism;104
8.4.2;2.4.2 Dynamic Collaborative Benefits;107
8.5;2.5 Summary and Discussion of Propositions;120
9;3 The Value Impact of Corporate Collaboration;125
9.1;3.1 Aggregate Effects on Firm Value;126
9.2;3.2 Drivers of Variation in Collaborative Value Creation;133
9.3;3.3 Summary and Discussion;156
10;4 Data and Empirical Methodology;171
10.1;4.1 Sample Selection;172
10.2;4.2 Data Coding;188
10.3;4.3 Event Study Procedure;211
10.4;4.4 Time-Series Analysis;228
10.5;4.5 Cross-Sectional and Panel-Data Approaches;241
10.6;4.6 Summary;253
11;5 Results of Empirical Investigation;255
11.1;5.1 Announcement Effects of Alliance-Related Announcements;255
11.2;5.2 Univariate Analysis of Value Impact;271
11.3;5.3 Multivariate Analysis of Collaborative Value Creation;276
11.4;5.4 Firm-Specific Effects and Self-Selection;318
12;6 Discussion of Results and Conclusion;334
12.1;6.1 Summary and Retrospective;334
12.2;6.2 Limitations and Directions for Future Research;341
12.3;6.3 Real-World Implications;345
13;Appendices;348
13.1;Appendix to Chapter 1: Introduction and Background;349
13.2;Appendix to Chapter 2: Foundations of Collaborative Value;356
13.3;Appendix to Chapter 3: Value Impact of Collaboration;379
13.4;Appendix to Chapter 4: Data and Empirical Methodology;416
13.5;Appendix to Chapter 5: Results of Empirical Investigation;473
13.6;Appendix to Chapter 6: Discussion of Results and Conclusion;526
14;References;528