The effect of national culture on partner buyouts in cross-border biotechnology alliances |
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| Authors: | Timothy B Folta Walter J Ferrier |
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| Institution: | 1. Banque de France, International Macroeconomics Division, 31 rue Croix des Petits Champs, 75001 Paris, France;2. University of Bristol, Priory Road complex, BS1 8TU Bristol, UK;1. Collins College of Business, University of Tulsa, Tulsa, OK, United States;2. Joseph Katz School of Business, University of Pittsburgh, Pittsburgh, PA 15260, United States;3. Collins College of Business, University of Tulsa, Tulsa, OK 74104, United States;1. Department of Psychological and Brain Science, Indiana University, Bloomington, IN, United States;2. Department of Biology and Ecology of Fishes, Leibniz Institute of Freshwater Ecology and Inland Fisheries, 12587 Berlin, Germany;3. Department of Fisheries and Wildlife, Oregon State University, Corvallis, OR, United States;4. Department of Biological Sciences, University of Windsor, Windsor, Ontario, Canada;1. Munich Center for Integrated Protein Science at the Ludwig-Maximilians-Universität München, Department of Biology I, Botany, Großhaderner Straße 2–4, D-82152 Martinsried, Germany;2. Munich Center for Integrated Protein Science at the Ludwig-Maximilians-Universität München, Department of Biology I, Microbiology, Großhaderner Straße 2–4, D-82152 Martinsried, Germany;3. Proteome Factory AG, Magnusstr. 11, D-12489 Berlin, Germany |
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| Abstract: | This study examines how national culture influences the likelihood and rate of buyouts among R&D equity alliances and joint ventures in the biotechnology industry. We hypothesize that the interaction of specific national culture attributes and cultural differences between alliance partners have an impact on: (1) the amount of endogenous uncertainty surrounding the potential integration of the target firm and (2) the marginal rate of learning in hierarchical versus collaborative governance. Applying a competing hazard model to a sample of 173 joint ventures and minority equity collaborations in the biotechnology industry, we found that investing firms from high power distance and high uncertainty avoidance countries are more likely to buy out their alliance partners. Furthermore, greater cultural distance between alliance partners increases the likelihood of partner buyout when investing firms are from high power distance countries. |
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