| Summary: | 碩士 === 國立清華大學 === 科技管理研究所 === 92 === Strategic alliance is one of the key strategies employed by biotechnology firms to gain access to valuable resources. At the same time, intellectual capital is the cornerstone of biotechnology firms for maintaining competitive advantage and sustainability in the market. Hence, this study investigates the relationship between these two elements as well as their transformations to firm value, and determines the effects of strategic alliances on the developments of intellectual capital and value creation of firms. Data for this investigation are drawn from a sample of 188 biotechnology firms in the United States from 1990 to 2000. Empirical analysis is conducted using correlation and regression analyses.
Key findings from the empirical analyses indicate that there is a systematically negative association between strategic alliance participation and intellectual capital creation. Moreover, this adverse effect on intellectual capital creation is consistent across different combinations of alliance partners, but with varying degrees of significance. Empirical findings also suggest that intellectual capital is a significant and positive-correlated element of market valuation for biotechnology firms. Finally, one concludes that strategic alliances alone generally do not demonstrate significant impact on firm value; the effect is better observed when alliances are evaluated together with firm’s intellectual capital. Empirical results from this study indicate that firms with more core-technology-related intellectual capital will improve their market valuation when they enter into inter-industry alliances, but deteriorate their market valuation when they join inter-firm alliances. Thus, the choice of alliance partners and the focus of intellectual developmnet are both critical elements that can influence value creation of biotechnology firms participating in strategic alliances.
|
|---|
