When the fog dissipates: The choice between value creation and value appropriation in a partner as a function of information asymmetry

Todd Morgan, Sergey Anokhin, Joakim Wincent

Результат исследований: Материалы для журналаСтатья

1 цитирование (Scopus)

Выдержка

This paper investigates preferences for strategic emphasis in large corporation–small firm relationships and explores how information asymmetry may moderate these preferences. Our findings suggest that information asymmetry plays a crucial role in the development of an equity partnership between large public corporations and small, privately owned, growth-oriented firms. We study 233 instances of equity partnering between large corporations and small firms to investigate the contingency effect of information asymmetry on small firms’ choice of equity partner. Our results indicate that when information asymmetry between the partners is low, small firms choose partners with a strategic emphasis on value creation. Conversely, when information asymmetry is high, small firms tend to choose corporate partners that emphasize value appropriation. This finding suggests that information asymmetry makes small firms wary of entering into equity partnerships and makes them unwilling to partner with corporations that potentially have the most to offer in terms of technological expertise.

Язык оригиналаАнглийский
Страницы (с-по)498-504
Число страниц7
ЖурналJournal of Business Research
Том88
DOI
СостояниеОпубликовано - 1 июл 2018

Отпечаток

Information asymmetry
Asymmetry of information
Value appropriation
Value creation
Small firms
Equity
Expertise
Partnering
Large firms
Contingency

ASJC Scopus subject areas

  • Marketing

Цитировать

When the fog dissipates : The choice between value creation and value appropriation in a partner as a function of information asymmetry. / Morgan, Todd; Anokhin, Sergey; Wincent, Joakim.

В: Journal of Business Research, Том 88, 01.07.2018, стр. 498-504.

Результат исследований: Материалы для журналаСтатья

@article{f48df494905c454bad2c31e60030f9b2,
title = "When the fog dissipates: The choice between value creation and value appropriation in a partner as a function of information asymmetry",
abstract = "This paper investigates preferences for strategic emphasis in large corporation–small firm relationships and explores how information asymmetry may moderate these preferences. Our findings suggest that information asymmetry plays a crucial role in the development of an equity partnership between large public corporations and small, privately owned, growth-oriented firms. We study 233 instances of equity partnering between large corporations and small firms to investigate the contingency effect of information asymmetry on small firms’ choice of equity partner. Our results indicate that when information asymmetry between the partners is low, small firms choose partners with a strategic emphasis on value creation. Conversely, when information asymmetry is high, small firms tend to choose corporate partners that emphasize value appropriation. This finding suggests that information asymmetry makes small firms wary of entering into equity partnerships and makes them unwilling to partner with corporations that potentially have the most to offer in terms of technological expertise.",
keywords = "Equity partnerships, Information asymmetry, Strategic emphasis, Value appropriation, Value creation",
author = "Todd Morgan and Sergey Anokhin and Joakim Wincent",
year = "2018",
month = "7",
day = "1",
doi = "10.1016/j.jbusres.2017.11.032",
language = "English",
volume = "88",
pages = "498--504",
journal = "Journal of Business Research",
issn = "0148-2963",
publisher = "Elsevier Inc.",

}

TY - JOUR

T1 - When the fog dissipates

T2 - The choice between value creation and value appropriation in a partner as a function of information asymmetry

AU - Morgan, Todd

AU - Anokhin, Sergey

AU - Wincent, Joakim

PY - 2018/7/1

Y1 - 2018/7/1

N2 - This paper investigates preferences for strategic emphasis in large corporation–small firm relationships and explores how information asymmetry may moderate these preferences. Our findings suggest that information asymmetry plays a crucial role in the development of an equity partnership between large public corporations and small, privately owned, growth-oriented firms. We study 233 instances of equity partnering between large corporations and small firms to investigate the contingency effect of information asymmetry on small firms’ choice of equity partner. Our results indicate that when information asymmetry between the partners is low, small firms choose partners with a strategic emphasis on value creation. Conversely, when information asymmetry is high, small firms tend to choose corporate partners that emphasize value appropriation. This finding suggests that information asymmetry makes small firms wary of entering into equity partnerships and makes them unwilling to partner with corporations that potentially have the most to offer in terms of technological expertise.

AB - This paper investigates preferences for strategic emphasis in large corporation–small firm relationships and explores how information asymmetry may moderate these preferences. Our findings suggest that information asymmetry plays a crucial role in the development of an equity partnership between large public corporations and small, privately owned, growth-oriented firms. We study 233 instances of equity partnering between large corporations and small firms to investigate the contingency effect of information asymmetry on small firms’ choice of equity partner. Our results indicate that when information asymmetry between the partners is low, small firms choose partners with a strategic emphasis on value creation. Conversely, when information asymmetry is high, small firms tend to choose corporate partners that emphasize value appropriation. This finding suggests that information asymmetry makes small firms wary of entering into equity partnerships and makes them unwilling to partner with corporations that potentially have the most to offer in terms of technological expertise.

KW - Equity partnerships

KW - Information asymmetry

KW - Strategic emphasis

KW - Value appropriation

KW - Value creation

UR - http://www.scopus.com/inward/record.url?scp=85037606201&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=85037606201&partnerID=8YFLogxK

U2 - 10.1016/j.jbusres.2017.11.032

DO - 10.1016/j.jbusres.2017.11.032

M3 - Article

AN - SCOPUS:85037606201

VL - 88

SP - 498

EP - 504

JO - Journal of Business Research

JF - Journal of Business Research

SN - 0148-2963

ER -