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<p style="text-align:justify;">This study&nbsp;investigates the effects of an alliance portfolio on a new venture’s&nbsp;performance. Specifically, this paper draws on the legitimacy perspective. It&nbsp;presents a model that aims to understand the influence of an alliance portfolio’s&nbsp;different characteristics on a new venture’s performance. The paper also&nbsp;considers the contingent role of the equity market environment. These&nbsp;relationships are investigated in a cross-industry sample of 123 new ventures&nbsp;with pre-IPO alliances. The data has been compiled from various databases&nbsp;selected for their comprehensiveness and extensive use in Strategy research.&nbsp;Hierarchical Multiple Regression models are run to analyze the data. This study&nbsp;suggests that new ventures can potentially send important signals regarding&nbsp;their quality by virtue of their partnership formations. The most important characteristic of the alliance portfolio that affects the value of the new venture is size.&nbsp;Consistent with prior research, this study finds that new ventures with&nbsp;prestigious underwriters have higher valuations at IPO across all industries.&nbsp;The results also extend this line of inquiry by showing that relationships with&nbsp;prominent underwriters, VCs and alliance partners are not prestigious equivalent relationships. This study also shows interesting results contrary to&nbsp;prior research that stable partner relationship benefits are not relevant.&nbsp;Based on these findings, this study provides key managerial implications by providing managers insight into how they should develop their venture’s&nbsp;alliance portfolio to enhance the venture’s legitimacy and thereby its IPO performance.&nbsp;</p>

Alliance Portfolio Effects on New Venture’s Performance

Original Research 

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