: Hady Farag
: Collaborative Value Creation An Empirical Analysis of the European Biotechnology Industry
: Physica-Verlag
: 9783790821451
: 1
: CHF 189.60
:
: Betriebswirtschaft
: English
: 541
: Wasserzeichen
: PC/MAC/eReader/Tablet
: PDF
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.
Foreword5
Preface6
Table of Contents7
List of Abbreviations12
List of Variables14
List of Symbols19
1 Introduction22
1.1 Motivation22
1.2 Research Agenda25
1.2.1 Research Objectives25
1.2.2 Research Approach28
1.3 Conceptual Foundations30
1.3.1 Definition: Collaboration and Alliances31
1.3.2 Setting: Biotechnology Industry33
1.3.3 Measure: Collaborative Value45
2 Foundations of Collaborative Value Creation48
2.1 Introduction48
2.2 Strategic Mechanisms of Collaborative Value Creation50
2.3 Organizational Economics of Collaboration79
2.3.1 Transaction Cost Economics and Alliance Structure79
2.3.2 Agency and Game Theories of Cooperation92
2.4 A Dynamic Theory of Cooperative Value Creation104
2.4.1 Background and Value-Creating Mechanism104
2.4.2 Dynamic Collaborative Benefits107
2.5 Summary and Discussion of Propositions120
3 The Value Impact of Corporate Collaboration125
3.1 Aggregate Effects on Firm Value126
3.2 Drivers of Variation in Collaborative Value Creation133
3.3 Summary and Discussion156
4 Data and Empirical Methodology171
4.1 Sample Selection172
4.2 Data Coding188
4.3 Event Study Procedure211
4.4 Time-Series Analysis228
4.5 Cross-Sectional and Panel-Data Approaches241
4.6 Summary253
5 Results of Empirical Investigation255
5.1 Announcement Effects of Alliance-Related Announcements255
5.2 Univariate Analysis of Value Impact271
5.3 Multivariate Analysis of Collaborative Value Creation276
5.4 Firm-Specific Effects and Self-Selection318
6 Discussion of Results and Conclusion334
6.1 Summary and Retrospective334
6.2 Limitations and Directions for Future Research341
6.3 Real-World Implications345
Appendices348
Appendix to Chapter 1: Introduction and Background349
Appendix to Chapter 2: Foundations of Collaborative Value356
Appendix to Chapter 3: Value Impact of Collaboration379
Appendix to Chapter 4: Data and Empirical Methodology416
Appendix to Chapter 5: Results of Empirical Investigation473
Appendix to Chapter 6: Discussion of Results and Conclusion526
References528