Collaborative Value Creation An Empirical Analysis of the European B
While prior research has compiled a multifaceted picture of why firms collaborate and how they may benefit from it, existing knowledge regarding the value created by corporate alliances is limited to some standard value drivers. The present book broadens
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Hady Farag
Collaborative Value Creation An Empirical Analysis of the European Biotechnology Industry
Physica-Verlag A Springer Company
Dr. Hady Farag Wittenberger Straße 23 30179 Hannover Germany [email protected]
ISSN 1431-1941 ISBN 978-3-7908-2144-4 e-ISBN 978-3-7908-2145-1 DOI 10.1007/978-3-7908-2145-1 Springer Dordrecht Heidelberg London New York Library of Congress Control Number: 2009926886 © Physica-Verlag Heidelberg 2009 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Physica-Verlag. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: SPi Publishing Services, India Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
Foreword
Collaboration plays an important role in the early development of companies. 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 relevance 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 reaction to alliance-related news announcements and assesses their complex effects 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 selection, 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 extends to so far entirely unresearched dynamic aspects of alliances, such as the value of contractual flexibilities, the impact of environmental uncertainty, 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. The pre
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