Alliance governance choices: Disentangling the effects of uncertainty and alliance experience |
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Authors: | Eva Niesten Albert Jolink |
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Affiliation: | 1. Alliance Manchester Business School, University of Manchester, Booth Street East, Manchester M13 9SS, United Kingdom;2. Coventry University Business School, Coventry University, Priory Street, Coventry CV1 5FB, United Kingdom;3. Erasmus School of History, Culture and Communication, Erasmus University Rotterdam, Burgemeester Oudlaan 50, Rotterdam, 3062 PA, The Netherlands |
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Abstract: | This article analyses the interaction between alliance experience and behavioural uncertainty to improve our understanding of alliance governance. We investigate the extent to which the effect of alliance experience on governance choices is explained by a reduction in “mundane” transaction costs or by a reduction in “opportunistic” transaction costs. Based on more than 12,000 firm experiences with equity and non-equity alliances, we demonstrate a reduction in mundane transaction costs over time by firms reusing the same governance structure in successive alliances. We also find that in high behavioural uncertainty alliances, firms rely on their experience as a substitute for equity governance to reduce opportunistic transaction costs. |
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Keywords: | Alliance experience Governance Behavioural uncertainty Transaction costs |
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