전략적 제휴에 있어 핵심역량과 사회적 자본의 역할 = 미국증권산업을 중심으로

다국어 초록 (Multilingual Abstract)

This article explores what factors drive a firm to have strategic alliances with certain other firms. We hypothesize that complementarity, comparability of capabilities and social capital accumulated through previous strategic alliances increase the chances of alliance formation between firms. To test the hypotheses, we use data from common stock offering syndicates among the 98 U.S. investment banking firms during 1980s as a classical form of long-term repeated interfirm alliances. The empirical results show that not only interfirm complementarity and comparability in tangible and intangible assets, but also social capital formed through long-term alliance experiences between firms significantly increase the chances of alliance formation as we expected. These results indicate that strategic alliance formation is influenced by social factors no less than economic factors. It implies that ideal partners for alliances must be developed through long-term relationships and experience.