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This is he pee e iewed e sion o he ollowing a icle: Cas o, I. and Roldán, J.L.
(2015), Alliance Po olio Managemen : Dimensions and Pe o mance. Eu opean
Managemen Re iew, 12: 63-81, which has been published in inal o m a
h ps://doi.o g/10.1111/em e.12042. This a icle may be used o non-comme cial
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The Alliance Po olio Managemen :
Dimensions and
Pe o mance
Jou nal:
Eu opean Managemen Re iew
Manusc ip ID:
EMR-OA-13-0051.R2
Manusc ip Type:
O iginal A icle
Keywo ds:
Ne wo ks < Ne wo ks, compe i i e ad an age < Compe i i e s a egy <
S a egy, s a egic alliances < MandA Alliances spino s < S a egy
Addi ional Keywo ds:
alliance po olio managemen capabili y, media ion analysis, alliance
po olio pe o mance, pa ial leas squa es
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Alliance Po olio Managemen : Dimensions and Pe o mance
1. In oduc ion
The managemen o s a egic alliances is a aluable ool o i ms ope a ing in cons an ly
luc ua ing and inc easingly compe i i e en i onmen s (Schilke and Goe zen, 2010).
Coope a ion be ween i ms akes many o ms, such as Join Ven u es (JV), pa ne ships,
con ac s, licenses, ag eemen s, e c. These can be summa ized unde he b oade e m o
s a egic alliances (Kale and Singh, 2009). These alliances ha e become a aluable s a egic
ool o he compe i i eness o i ms ha do business in inc easingly luc ua ing and
compe i i e en i onmen s (Schilke and Goe zen, 2010). Pa adoxically, s udies ha e shown
ha be ween 30% and 70% o alliances ail o achie e hei objec i es (Kale and Singh, 2009)
and i is he e o e essen ial o analyze how i ms can success ully de elop a capabili y o
manage he comple e se o hei indi idual alliances as a single po olio. These alliances
end o ha e been s udied om he a omis ic pe spec i e (G ano e e , 1992; Dye and Singh,
1998) and he li e a u e has gene ally ocused on single alliance capabili y as a sou ce o
compe i i e ad an age (Chung e al., 2000; Gula i, 1998; Anand and Khanna, 2000; Sch eine
e al., 2009). Howe e , Sa ka e al. (2009:584) poin ou ha he ou come o hese
in es iga ions “ es s on a po en ially allacious assump ion ha a i m’s alliances exis and
c ea e alue independen o one ano he ”. Simila ly, Duys e s e al. (1999) poin ou ha he
alue o s a egic alliances may only be comple ely exploi ed by aking accoun o he whole
ne wo k in which he ocal i m is embedded. Acco dingly, he e is no one commonly
accep ed de ini ion o alliance po olio. The heo e ical pe spec i es ha ha e analyzed his
phenomenon ha e p oposed di e en concep ualiza ions, all cha ac e ized by he use o an
addi i e pe spec i e (Wassme , 2010). The mos equen ly used and accep ed de ini ion is
ha p oposed by La ie (2007: 1188): “An alliance po olio e e s o a i m’s collec ion o di ec
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alliances wi h pa ne s”. So, some esea che s ha e poin ed o he need o adop a holis ic
app oach, o be e unde s and he di e ences ha exis in i m compe i i eness s emming
om hei coope a ion (Kale and Singh, 2009; Kauppila, 2013; Ozcan and Eisenha d , 2009;
Wassme , 2010). By adop ing his app oach and conside ing he comple e se o indi idual
alliances as a po olio o cohe en whole (Bae and Ga giulo, 2004; Bam o d and E ns ,
2002), he i m is able o access he addi ional bene i s ha can be gained om he
managemen o hese in e dependencies. This c ea es wo ypes o ou comes: (a) syne gies
(economies o scale and scope); and (b) con lic s ( edundancies o compe i i e o e lap
be ween alliances and pa ne s in he po olio) (Kale and Singh, 2009; Wassme , 2010).
F om his ne wo k pe spec i e, he single alliance has o be managed as pa o an alliance
po olio (Duys e s e al., 1999). In o de o achie e he e icien and s a egic managemen o
he alliance po olio he i m mus de elop a capabili y known as alliance po olio
managemen , which is no he same as he managemen o indi idual single alliances (Kale
and Singh, 2009; Sch eine e al., 2009). This capabili y has been desc ibed as he compe ence
o de elop alliance po olio s a egies, o es ablish a managemen sys em and coo dina e he
po olio as a whole, acili a ing he ans e and combina ion o esou ces be ween he ac o s
(Ho mann, 2005). This capabili y mus enable he ocal ac o o es ablish such a sys em o
he op imal managemen , coo dina ion and con ol o he po olio as a whole (Ho mann,
2005). Despi e he ising impo ance o i ms o his capabili y, his aspec has ecei ed less
a en ion han o he s, such as aining and he composi ion o he alliance po olio (Duys e s
and Lokshin, 2011; La ie and Singh, 2012; La ie, 2009; Vasude a and Anand, 2011;
Wassme and Dussauge, 2011a).
Now ha we ha e de ined he alliance po olio, an impo an ques ion o be add essed
is how i s managemen capabili y may bes be analyzed. Alliance po olio manage s need he
app op ia e ela ed/in e ac ion p ocesses in place in o de o manage hei po olios
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(Sch eine e al., 2009). Acco dingly, Sa ka e al. (2009) sugges ha alliance po olio
capabili y consis s o h ee collabo a i e en -c ea ing dimensions: pa ne ing p oac i eness;
ela ional go e nance; and po olio coo dina ion. Howe e , hese esea che s analyze he
dimensions independen ly. Schilke and Goe zen (2010) and Kauppila (2013), on he o he
hand, iew his capabili y as a mul idimensional and comp ehensi e second-o de cons uc ,
ye hey do no s udy he ela ionships be ween i s dimensions o he key alliance managemen
ou ines. Finally, Heime iks and Duys e s (2007) and Kale and Singh (2007) analyzed how
ce ain alliance lea ning p ocess p ac ices, which can be ega ded as “second-o de ” dynamic
capabili ies, pe mi he i m o imp o e his capabili y and impac on he success o he i ms’
alliances ac oss i s en i e po olio, bu as he au ho s hemsel es acknowledged, hey nei he
concep ualized no measu ed his (“ i s -o de ” dynamic capabili y) concep di ec ly. Zollo
and Win e (2002) no ed ha hese lea ning p ocesses de elop o ganiza ional ou ines, bo h
di ec ly and h ough he in e media e s ep o dynamic capabili ies (see Illus a ion 1). In his
sense, he li e a u e poin s ou ha alliance po olio managemen capabili y is a highe -o de
capabili y, o a dynamic na u e, only ob ained o imi a ed wi h di icul y, which has he
po en ial o inc ease he pe o mance o he i m’s alliance po olio (Kauppila, 2013; Schilke
and Goe zen, 2010). This capabili y is composed o a se ies o ou ine o ganiza ional blocks
(Sa ka e al., 2009; Schilke and Goe zen, 2010). When his highe -o de capabili y is
concep ualized as a mul idimensional phenomenon, he dimensions ha o m he basis o a
i m’s alliance po olio capabili y should necessa ily be in e ela ed (G an and Baden-Fulle ,
1995; Zollo and Win e , 2002). O he wise, we would be alking o independen capabili ies
ha pe o m di e en asks (Eisenhan d and Ma in, 2000). So, o his same eason, Sa ka
e al (2009) concluded ha he in e mingling o hese ou ines o dimensions in luences
alliance po olio pe o mance. The e o e, alliance po olio managemen capabili y needs o
be be e unde s ood and impo an ques ions emain as o how he dimensions o alliance
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po olio capabili y a e ela ed and how hese in e ela e wi h he dimensions ha in luence
alliance po olio pe o mance; beginning wi h he p emise ha his pe o mance is mo e han
he simple sum o he alue gene a ed by indi idual alliances, as a consequence o
collabo a i e syne gies (Pa ise and Cashe , 2003).
Taking hese p e ious pe cep ions in o accoun , he objec i e o his s udy is o
in es iga e he cen al ques ion: wha is he ela ionship be ween he di e en dimensions o
he alliance po olio managemen capabili ies? We pa icula ly wish o unde s and he
in luen ial ela ions, bo h di ec and indi ec , be ween hese di e en dimensions, and how
hey a ec he pe o mance o hei alliance po olio. This will gi e a g ea e insigh in o he
de elopmen o alliance po olio managemen capabili y and how i unc ions. Ou aim is o
make a concep ual and empi ical con ibu ion o he li e a u e on he concep ualiza ion and
measu emen o alliance po olio managemen , which will ocus and guide he esea ch in
his ield. Ou s udy shows ha he di e en dimensions o alliance po olio managemen a e
in e ela ed, hey play di e en oles and each has a di e en e ec on alliance po olio
pe o mance. Ou indings will also ha e p ac ical implica ions o manage s making
decisions abou s a egic alliances, such as he impo ance o e alua ing and managing
s a egic alliances as a whole, in o de o gene a e g ea e collabo a i e syne gies, and how
he de elopmen o one dimension o he alliance po olio managemen has a signi ican
di ec o indi ec in luence on ano he dimension.
Wi h hese aims in mind, he s uc u e o his pape is as ollows. We begin wi h a
e iew o he li e a u e on alliance po olio managemen capabili y, in o de o iden i y and
measu e each dimension ha cons i u es he cons uc , as well as i s impac on he alue o he
alliance po olio. We p opose a mul iple media ing model (a h ee-pa h media ion model; c .
Hayes 2009; Taylo e al., 2008) showing he dimensions o alliance po olio managemen
capabili y. We hen p esen and discuss ou esul s, based on he analysis o he da a collec ed
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om 144 leading Spanish companies. The s udy concludes wi h a discussion o he esul s,
he implica ions o he s udy, i s limi a ions and sugges ed u u e lines o esea ch.
2. Li e a u e Re iew and Resea ch Hypo heses
2.1. Alliance po olio managemen capabili y
The esou ce-based iew o he i m es ablishes ha o ganiza ional capabili ies a e a se o
socially complex p ac ices o skills, designed o pe o m a ce ain ask, and a e an addi ional
sou ce o alliance po olio success (Ami and Schoemake ; 1993; Eisenha d and Ma in,
2000; Schilke and Goe zen, 2010). Alliance po olio managemen capabili y has been
de ined by a ious au ho s as adep ness in iden i ying pa ne s, ini ia ing s a egic alliances,
aking pa in con inuous managemen and he possible es uc u ing and e en comple ion o
hese alliances (Khanna e al., 1998). Acco dingly, esea che s conside i c i ical o he i m
o de elop a capabili y o pe o m he ollowing unc ions: managing s a egic alliances as a
whole a he han indi idually, achie ing angible and in angible gains om collabo a ion,
maximizing he p obabili y o success, and c ea ing compe i i e ad an age h ough he
alliances ha cons i u e he i m’s alliance po olio (Wassme , 2010). Wi h ega d o he
de elopmen o his capabili y, Wassme (2010:160) poin s ou ha i ms mus con inue o
p ocess wo ypes o alliance expe ience in hei alliance po olios. Fi s ly, how bes o
manage indi idual alliances and secondly, how bes o manage mul iple simul aneous
alliances wi h di e en pa ne s. These wo ypes o expe ience lead o wo di e en ypes o
capabili ies (Kale and Singh, 2009): he capabili y o manage indi idual alliances o dyadic
ela ionships; and he capabili y o manage alliance po olios, which in ol es all o he
s a egic alliances as a whole. In his s udy, ou ocus is on he la e expe ience. Alliance
po olio managemen is he e o e he capabili y o a ocal i m o de elop alliance po olio
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s a egies, es ablish a managemen sys em and coo dina e and con ol he po olio as a whole,
acili a ing he ans e and combina ion o esou ces be ween he ac o s (Ho mann, 2005).
Schilke and Goe zen (2010) a gue ha i is essen ial o he ocal i m o possess a
dis inc dynamic capabili y. A c i ical pa o alliance po olio managemen capabili y, his
equi es a se ies o o ganiza ional p ocesses o dimensions o be in place (Kale and Singh,
2009; Sa ka e al., 2009; Sch eine e al., 2009). In u n, hese dimensions could be u he
disagg ega ed in o hei cons i uen disc e e “local abili ies,” o skill-based compe encies
(Eisenha d and Ma in 2000; Sal a o and Re up, 2011). Thus, he ocal o ganiza ion,
applying i s ini ial and subsequen expe iences in s a egic alliances, can de elop in e ela ed
p ocesses o ou ines o manage i s alliance po olio in a sys ema ic and ela i ely p edic able
manne . Some au ho s (Zollo and Win e , 2002; Heime iks and Duys e s, 2007) a gue ha
lea ning mechanisms o he accumula ion, selec ion, and di usion o ce ain expe iences and
knowledge unde pin he gene a ion and e olu ion o hese p ocesses o ou ines. This alliance
po olio lea ning p ocess, which equi es he a icula ion, codi ica ion, sha ing and
in e naliza ion o alliance po olio managemen know-how, will impac on he success o he
o e all po olio (Kale and Singh, 2007). Indeed, his capabili y o lea n may be pa ne
speci ic (Dye and Singh, 1998), o , as shown by Anand and Khanna (2000), hese lea ning
e ec s o mechanisms also a ise ac oss a po olio o alliances. In his way, he simul aneous
de elopmen o a ocal i m’s alliance po olio expe ience and i s lea ning mechanisms will
ein o ce he abili y o imp o e he pe o mance o i s alliance po olio (Heime iks and
Duys e s, 2007; Kale and Singh, 2007).
The managemen o he alliance po olio implies he comple ion o se ies o asks and
unc ions. These ac i i ies a e: he selec ion o pa ne s based on hei sui abili y o he
po olio; go e nance o he se o alliances ha cons i u e he po olio, he le e age o
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knowledge h ough pa ne s; he managemen o alliances as a se o esou ces and skills; he
exploi a ion o syne gies and managemen o con lic s a po olio le el; he de elopmen and
implemen a ion o collec i e po olio s a egies; he con ol and coo dina ion o he po olio
and he es ablishmen o an alliance managemen sys em (Sa ka e al., 2009; Ho mann,
2005). A bes , he comple ion o hese ac i i ies means ha he de elopmen o di e en
o ganiza ional ou ines (Ho mann, 2005; Schilke and Goe zen, 2010) will gene a e di e en
en s o bene i s o he ocal ac o . Fo ha eason, he s udy o alliance po olio
managemen capabili y equi es he iden i ica ion and analysis o i s di e en dimensions.
Thus, Sa ka e al. (2009: 586) no e ha on he whole alliance po olio managemen
capabili y consis s o h ee p incipal dimensions o o ganiza ional ou ines. Fi s ly, a
p oac i e dimension ha aims o emb ace he o ganiza ional ou ines embedded in he
alliance po olio (pa ne ing p oac i eness). Secondly, a ela ional dimension ha ga he s
oge he he ocal ac o ’s skills o de elop coope a ion models cha ac e ized by mu ual us
and by he minimiza ion o oppo unis ic beha io s ( ela ional go e nance). Finally, a
coo dina ion dimension ha in eg a es and synch onizes he s a egies, knowledge ans e
lows and ac i i ies and he o he ypes o esou ces, h ough he a ious channels ha o m
he ocal ac o ’s po olio (po olio coo dina ion).
In o de o unde s and how hese dimensions con ibu e o op imal and s a egic
managemen o he alliance po olios, hey mus i s be de ined. The li e a u e on social
ne wo k analysis de ines an alliance po olio as a ocal i m’s egocen ic alliance ne wo k
(Ozcan and Eisenha d , 2009). This no ion o an egocen ic ne wo k encompasses he ocal
i m (ego), i s se o pa ne s (al e s), and hei connec ing ies ( ela ionships) (Wasse man
and Faus , 1994). On his basis, Ahuja e al. (2012) s a e ha he a chi ec u e o an alliance
po olio can be concep ualized om h ee aspec s: he nodes ha make up he po olio, he
ies ha connec he nodes, and he pa e ns o models o nodal in e connec ions. As shown in
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he ocal ac o logically selec s pa ne s ha ha e a be e ela ional epu a ion and ha
demons a e be e compliance wi h hei aims and s a egies. So, o he ex en ha he
pa ne s eally do complemen each o he and s a egic in e dependencies eally do exis
be ween hem – a he han compe ing in e es s and i al y– he bene i s ha hey o e o he
po olio will be ex a-addi i e in na u e (Kale and Singh, 2009). This will bene i he
ela ional s eng h o he alliance po olio in gene al (S ua , 1998). Thus o example,
Ca bu es, which gained a s a egic posi ion among Tie -Two companies, specialized in
composi e ma e ials and s uc u es, and has a depa men wi h eigh people in cha ge o
business ne wo king o bo h o ganic and ino ganic g ow h, he mission o which is he
managemen o long- e m ela ions wi h clien s (Tie One), such as he pa ne s wi h which i
de elops i s esea ch ac i i ies collabo a ion wi h which can inc ease i s pool o alen .
Likewise, Sa ka e al. (2009) no e ha he ela ional go e nance dimension is
associa ed wi h alliance po olio pe o mance. Acco dingly, he ocal ac o equi es quick
and ouble- ee access o he many esou ces embedded in he ne wo k (in o ma ion,
knowledge, epu a ion, angible esou ces, e c.), so ha i can adap apidly o luc ua ions in
he en i onmen . Dye and Singh (1998) demons a e ha a c i ical de e minan o achie ing
an in e o ganiza ional compe i i e ad an age lies in he e ec i e go e nance o he ocal
ac o ’s ela ions h ough hei in luence on ansac ion cos s (Williamson, 1985). This in u n
depends on he willingness o i s pa ne s o in ol e hemsel es in alue c ea ion. Rela ional
go e nance plays a c i ical media ing ole in he de elopmen o s ong ies ha acili a e he
access o and exchange o esou ces and capabili ies h ough di e se alliance po olio
channels (Tsai and Ghoshal, 1998). Sa ka e al. (2009: 588) poin o pa ne ships wi h s ong
ies ha a e go e ned by in o mal ela ional mechanisms. These end o be cha ac e ized by a
g ea e bandwid h, which acili a es he low o aluable esou ces h ough a ious alliance
po olio ies. This g ea e le el o commi men and willingness o he pa ne s s eng hens
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he compe i i eness o he po olio in gene al, which in u n should c ea e bene i s o all he
pa ne s. The e o e, he s onge he ies ha cons i u e he ocal ac o ’s alliance po olio, he
be e he pe o mance o he alliance po olio (Sa ka e al., 2009).
To conclude, pa ne ing p oac i eness a ec s he go e nance o he se o ela ions
wi hin he alliance po olio h ough he s a egic selec ion o complemen a y and compa ible
pa ne s. Fu he mo e, inso a as he ocal ac o is able o go e n he se o ela ions wi hin
he po olio based on ela ional aspec s such as us , hen us will be an impo an social
lub ican (Ri e a-San os, 2009) o he low o aluable esou ces h ough di e en ne wo k
ies (Tsai and Ghoshal, 1998). This in u n inc eases he o e all compe i i eness o he
po olio and as a esul , imp o es he pe o mance o he alliance po olio o he ocal ac o .
The e o e:
H2. Rela ional go e nance media es he ela ionship be ween pa ne ing p oac i eness and
alliance po olio pe o mance.
2.5. The media ing ole o po olio coo dina ion
Po olio coo dina ion is he dimension mos closely ela ed o po olio managemen and
e e s o he in eg a ion and synch oniza ion o s a egies, ac i i ies and esou ce lows
h ough he di e en pa ne s wi hin he po olio (Sa ka e al., 2009; S ein and Gine icius,
2010). The coo dina ion concep desc ibed by Sch eine e al. (2009) concep ualizes he
coo dina ion aspec o alliance managemen capabili y, such as he i m’s abili y o coo dina e
and manage in e dependence be ween pa ne s in a dyadic ela ionship. The in e dependencies
be ween he indi idual in e o ganiza ional ies o a ocal i m equi e hese dyads and
alliances o be coo dina ed (Ho mann, 2005) in o de o maximize syne gies and minimize
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he cons aining o compe i i e impac s (Pa ise and Cashe , 2003). Some esea che s
(Goe zen, 2005; Schilke and Goe zen, 2010) ha e poin ed ou ha al hough coo dina ion o
single alliances is impo an , he managemen o a ocal i m’s alliance po olio is also
c i ical. This equi es a holis ic app oach o he analysis o po olio coo dina ion, en ailing
o ganiza ional coo dina ion ou ines designed o manage mul iple ela ionships and hei
in e dependencies. This acili a es he ans o ma ion o he ocal ac o ’s po olio in o a
cohe en se o in e o ganiza ional s a egic esou ces. Sa ka e al. (2009) emphasize he need
o s udy how pa ne s in e change and combine esou ces and o link s a egic asse s a he
po olio le el, in o de o unde s and he a ying pe o mance o he di e en ac o s in he
alliance po olio and o iden i y hei compe i i e ad an age.
An analysis o he pa ne ing p oac i eness dimension e eals i s in luence on bo h
p oac i e assessmen and selec ion o he pa ne s and he de elopmen o he s uc u e o
ela ional pa e n. The ocal ac o ’s o ganiza ional p ocesses will ha e a undamen al
in luence on po olio coo dina ion. Schilke and Goe zen (2010) indica e he need o
coo dina e he alliance po olio, p ima ily because o he in e dependencies be ween
indi idual alliances. The managemen o such complex in e dependencies ac oss mul iple and
di e se pa ne s wi hin he po olio equi es ex ensi e coo dina ion (Lei e al., 1996).
Pa ne ing p oac i eness can assis he managemen o he po olio-le el in e dependencies
in se e al ways. Fi s ly, he assessmen and selec ion o pa ne s ha comply wi h and e en
sha e he ocal ac o ’s aims, s a egies and s a egic iewpoin will imp o e po olio
coo dina ion and will acili a e he in e change and combina ion o esou ces (Tsai and
Ghoshal, 1998). When a pa ne is selec ed o pu sue a ce ain collabo a i e ini ia i e,
compe ing pa ne s in he alliance po olio may show discon en and pe haps e en wi hhold
hei coope a ion (La ie, 2009). Secondly, i acili a es he synch oniza ion o s a egies,
ac i i ies and esou ce lows be ween he pa ne s wi hin he ocal ac o ’s ego ne wo k, o he
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ex en ha he ocal ac o owns aluable and complemen a y esou ces wi hin he ne wo k
(Ba ja gal, 2003; Lin, 1999). La ie (2009) poin s ou ha , o he ne wo k esou ces ha he
ocal ac o can access h ough i s alliance po olio ies, only hose ha a e complemen a y
will ha e he po en ial o c ea e alue. Finally, when he ocal ac o has a g ea e holis ic and
s a egic unde s anding o he o ma ion o he alliance po olio, i is much easie o in eg a e
and synch onize he s a egies, ac i i ies and esou ce lows h ough he di e en pa ne s in
he po olio. This ela ionship has been linked o a s ong in luence on he esul ing high-
pe o ming alliance po olio (Duys e s e al., 2012; Ozcan and Eisenha d , 2009). In
conclusion, he alue o po olio coo dina ion p ocesses will be condi ioned by he speci ic
con en o he pa ne s in he po olio (Sa ka e al., 2009). Hence, pa ne ing p oac i eness is
a dimension ha signi ican ly in luences po olio coo dina ion. This is achie ed h ough he
o ma ion o he po olio, by acili a ing and imp o ing he managemen o s a egic
in e dependencies be ween he di e en po olio pa ne s (Gula i, 1995b; La ie, 2009), and
by minimizing coo dina ion cos s and maximizing coo dina ion e ec i eness (Sch eine e al.,
2009).
Some au ho s ha e poin ed ou ha he po olio coo dina ion dimension is ela ed o
alliance po olio pe o mance (Sa ka e al., 2009; Schilke and Goe zen, 2010). The ole o
po olio coo dina ion is o iden i y in e dependencies be ween he po olio pa ne s, a oid
he duplica ion o ac ions, and p oduce syne gies be ween single alliances (Ho mann, 2005;
Schilke and Goe zen, 2010). This dimension he e o e plays a c i ical ole in enhancing he
alliance po olio and making i mo e han simply he sum o i s indi idual alliances (Schilke
and Goe zen, 2010). Fu he mo e, Sa ka e al. (2010) poin ou ha he dimensions o
po olio coo dina ion a e a s ong sou ce o compe i i e ad an age, by inc easing lows o
ne wo k esou ces and b oke ing in o ma ion ac oss he po olio o alliances. Inso a as he
ocal ac o may inc ease ne wo k esou ce lows and gene a e and exploi collabo a i e
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syne gies o hei maximum a po olio le el, his will inc ease he compe i i eness o he
o e all ne wo k and, he e o e, imp o e alliance po olio pe o mance (La ie, 2007; Pa ise
and Cashe , 2003; Sa ka e al., 2009). Thus, o example, Lu hansa has i s own alliance
coo dina o in each a ea (passage, eigh , e c) and a ice-p esiden o s a egic alliances a he
co po a e le el o co-o dina e alliance ac i i ies companywide. Likewise, he CEO o
Ca bu es is in cha ge o he s a egic coo dina ion o all alliances, which gi es meaning o he
po olio. The alliance po olio coo dina ion o Ca bu es shows he exis ence o a delibe a e
s a egy ha guides he coope a i e mo emen s o he company.
In essence, we p opose ha po olio coo dina ion is a c i ical media o in he ela ion
be ween pa ne ing p oac i eness and alliance po olio pe o mance. This implies ha
pa ne ing p oac i eness can a ec coo dina ion, by acili a ing he in eg a ion and
synch oniza ion o he ac i i ies, s a egies and esou ce lows be ween he pa ne s wi hin an
alliance po olio (Ba ja gal, 2003; Sa ka e al., 2009; Schilke and Goe zen, 2010).
Mo eo e , he po olio coo dina ion dimension impac s on alliance po olio pe o mance as
a consequence o he managemen o in e dependencies and he managemen o syne gies a
po olio le el (La ie, 2009).
Based on hese logical explana ions and p e ious esea ch, we hypo hesize he ollowing:
H3. Po olio coo dina ion media es he ela ionship be ween pa ne ing p oac i eness and
alliance po olio pe o mance.
In his wo k, we p opose a mul iple media ing model in which he pa ne ing
p oac i eness dimension, wi h i s ocus on po olio o ma ion (Sa ka e al., 2009), is he
p ime gene a o o alliance po olio pe o mance and in which ela ional go e nance and
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po olio coo dina ion a e c i ical media o s –al hough he o me p ecedes he la e . In his
ega d, Illus a ion 1 shows ha pa ne ing p oac i eness is he c i ical o ganiza ional ou ine
o he o ma ion and con igu a ion o he ocal ac o ’s egocen ic ne wo k h ough i s
delibe a e e o s o seek and ac on new alliance oppo uni ies (Sa ka e al., 2009). I he
ocal ac o ul ills his ask well, by e alua ing po en ial pa ne s and selec ing hose ha a e
bes adjus ed o he o e all objec i es o he in eg a ed po olio, s a egies and alues, hey
will be able o go e n he se o ies ha cons i u es he po olio, h ough in o mal and sel -
en o cing sa egua ds (Sa ka e al., 2009). In his way, he ela ional go e nance dimension
impac s on po olio coo dina ion, as s onge bonds e lec he g ea e incen i es,
commi men and willingness o exchange uly aluable esou ces be ween he alliance
po olio pa ne s. This in u n will a o he in eg a ion and synch oniza ion o he s a egies,
ac i i ies and esou ce lows h oughou he o e all ego ne wo k (Puhakka, 2006; Sch eine e
al., 2009; Schilke and Goe zen, 2010). Thus, he lowe he con ac ing and moni o ing cos s
and numbe o sel -en o cing sa egua ds, he g ea e he incen i e o alue-c ea ing ac i i ies
such as sha ing ine-g ained aci knowledge, exchanging esou ces ha a e di icul o alue,
and o e ing inno a ions o esponsi eness beyond he con ac ual e ms (Sa ka e al., 2009).
Ho mann (2005) sugges s ha he syne gies be ween he alliances wi hin he po olio can be
u ilized by ans e ing in o ma ion and esou ces om one pa ne o ano he and by mu ual
specializa ion be ween pa ne s. Mo eo e , go e nance mechanisms will play a c i ical ole in
his p ocess a a po olio le el, based on ela ional aspec s such as us . Finally, alliance
po olio coo dina ion p omo es economies o scope and scale h ough he iden i ica ion and
managemen o in e dependencies ha exis be ween he pa ne s wi hin he ego ne wo k, he
p oduc ion o syne gies, and he a oidance o con lic s be ween alliances, by elimina ing
o e lapping in e es s and duplici y. These economies inc ease he o e all compe i i e s eng h
o he po olio and imp o e alliance po olio pe o mance (Dye and Singh, 1998;
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Ho mann, 2005; Schilke and Goe zen, 2010; Sch eine e al., 2009). In iew o he heo y
ou lined abo e and empi ical e idence, we see ha pa ne ing p oac i eness will be ela ed o
alliance po olio pe o mance; i s o all h ough he ela ional go e nance dimension and
hen h ough po olio coo dina ion. In eg a ing hese wo models by media ion h ough he
ela ional go e nance dimension and he po olio coo dina ion dimension gene a es a h ee-
pa h media ion model (Figu e 1) (Hayes, 2009; Taylo e al., 2008). To summa ize, we es ed
whe he he ela ional go e nance dimension and he po olio coo dina ion dimension
sequen ially media e he ela ionship be ween pa ne ing p oac i eness and alliance po olio
pe o mance. We ook his app oach in o de o demons a e ha alliance po olio
pe o mance is in luenced by bo h he di ec and he indi ec ela ions be ween he h ee
dimensions o alliance po olio managemen capabili y. Thus:
H4. Rela ional go e nance and po olio coo dina ion sequen ially media e he ela ionship
be ween pa ne ing p oac i eness and alliance po olio pe o mance.
-------------------------------------------
Place Figu e 1 he e
Fig. 1. Th ee-pa h media ion model
-------------------------------------------
3. Me hodology
3.1. Sample
P ima y da a was equi ed o es ou hypo hesis. We ob ained his in o ma ion h ough
guided ques ionnai es adminis e ed by in e iewe s. We compiled a lis o 500 i ms om
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among he leading Spanish i ms included on he INFORMA D&B and SABI da abases
(p o iding inancial company in o ma ion and business in elligence o companies in Spain
and Po ugal). All he i ms on he lis we e i s con ac ed by phone, when 200 indica ed hei
willingness o collabo a e and a o al o 300 i ms chose no o pa icipa e. Appoin men s
we e a anged o ca y ou guided su eys wi h he pa icipa ing i ms and a eam o
in e iewe s hen unde ook he ield wo k. O he 200 i ms willing o ake pa in he su ey,
56 we e elimina ed when hei Chie Execu i e O ice s (CEOs) s a ed ha hey we e
unawa e o he s a egic alliances- ela ed p ocesses and ac i i ies o hei i ms, o indica ed
ha hei company had ne e ca ied ou any kind o s a egic alliances, op ing ins ead o he
comple e in e naliza ion o hei alue chain ac i i ies (Lyles and Schwenk, 1992). This le a
o al o 144 eligible i ms. Wi h he objec i e o maximizing da a accu acy and eliabili y, we
ca ied ou a ious analyses. In he i s place, wi h he objec i e o e i ying he consis ency
and homegenei y o ou sample o e ime, ou wo k ollowed Hube and Powe ’s (1985)
guidelines on ob aining quali y da a om single in o man s (CEOs). The s udy applied
se e al es s o po en ial sou ces o bias in he collec ed da a (A ms ong and O e on, 1977).
We he e o e measu ed non- esponse bias, in o de o ensu e he s a is ical ep esen a ion o
he pa icipa ing i ms in his esea ch. We e i ied ha he e we e no signi ican di e ences
be ween he a e age incomes o he coope a ing companies and hose ha had declined o
pa icipa e in he su ey. In addi ion, he empo al elemen in he esponse was also assessed,
by compa ing he i s 15 eplies wi h he las 15 ques ionnai es. No signi ican di e ences
we e ound o he wo i ems -app1 and app2- o he alliance po olio pe o mance a iable.
Secondly, wi h he objec i e o maximizing da a accu acy and eliabili y, gi en ha he
in o ma ion was ob ained om a single in o man , we analysed he po en ial exis ence o
common me hods bias ollowing he p ocedu e desc ibed by Liang e al. (2007). So, a new
ac o called “me hod” was in oduced in he esea ch model. This me hod ac o included all
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he p incipal indica o s o he cons uc . In his way, he a iance o each indica o was
explained o bo h he p incipal cons uc and he ac o me hod. Ou esul s show an a e age
subs an i ely explained a iance o he indica o s o .684 and an a e age me hod-based
a iance o .010. The a io o subs an i e a iance o me hod a iance was abou 68.4:1. In
addi ion, none o he me hod ac o loadings we e signi ican . The e o e, he common me hod
bias is unlikely o cause se ious conce n in his s udy. Table 1 summa izes he mos ele an
cha ac e is ics o sample.
-------------------------------------------
Place Table 1 he e
Table 1. Demog aphic cha ac e is ics o he sample
-------------------------------------------
3.2. Measu es
Dependen a iable: Alliance po olio pe o mance
Ho man (2005) uses wo ypes o ac o s o calcula e alliance po olio pe o mance: ou pu
and inpu . Ou pu ac o s a e used o assess he inancial pe o mance o he alliance po olio
and he achie emen o s a egic objec i es. Some au ho s (Schilke and Goe zen, 2010)
conside ha his app oach is app op ia e i he esponden s ep esen op-le el managemen .
The e is an eme ging consensus among schola s ha manage ial assessmen s a e a easonable
way o assess alliance pe o mance (Das and Teng, 2000). We he e o e measu ed he alliance
po olio in e ms o pe o mance sa is ac ion (Heime iks and Duys e s, 2007; Kale and
Singh, 2007). We used a ou -i em scale based on he wo k o Schilke and Goe zen (2010). A
p incipal componen s ac o analysis wi h a imax o a ion was ca ied ou on he ou
indica o s o de elop a composi e measu e and he ou indica o s we e loaded on o one
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ac o . We used he ac o sco es as a composi e measu e o alliance po olio pe o mance
(OUTPUT). Inpu ac o s e lec he quan i y and quali y o he esou ces b ough by he
pa ne s in he po olio. Alliance po olio capi al was measu ed by a h ee-i em scale based
on Sa ka e al. (2009). A p incipal componen s ac o analysis wi h a imax o a ion was
applied o hese h ee indica o s o de elop a composi e measu e and he h ee indica o s we e
again loaded on o one ac o . We used he ac o sco es as a composi e measu e o alliance
po olio capi al (CAPITAL).
Independen a iables: The dimensions o alliance po olio managemen capabili y
Appendix 1 desc ibes he indi idual i ems and he o iginal sou ces o he measu emen scales
o he p incipal cons uc s. Pa ne ing p oac i eness was measu ed wi h a i e-i em Like
scale (se en poin s). This dimension b ings oge he he o ganiza ional p ocess o he i m’s
skill in iden i ying po en ially aluable pa ne ing oppo uni ies. The i ems we e aken om
p io li e a u e on alliance po olio managemen capabili y (Sa ka e al., 2009; Schilke and
Goe zen, 2010).
Rela ional go e nance ep esen s he ocal i m’s skills o de elop ou ines and
in o mal sa egua ds ha acili a e coope a ion be ween ac o s. This dimension was de ined by
a i e-i em Like scale (se en poin s) adap ed om he li e a u e (Sa ka e al., 2009).
Finally, we used a i e-i em Like scale (se en poin s) o measu e he po olio
coo dina ion dimension. This dimension e lec s a ocal i m’s abili y o combine and
mobilize he ac i i ies, s a egies and esou ces o he alliance po olio pa ne s. Measu es o
his dimension we e de eloped om p e ious li e a u e on alliance po olio managemen
capabili y (Sa ka e al., 2009; Schilke and Goe zen, 2010).
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Howe e , when we analyzed he ull model (Figu e 2B), he impo ance o he di ec
e ec o he s uc u al dimension dec eased conside ably in a o o ela ional go e nance
and, abo e all, in a o o alliance po olio coo dina ion. T adi ional pa ne selec ion has
been ocused on esea ching he bes i be ween wo pa ies. Howe e , some au ho s conside
ha his is no su icien in i sel , e en hough i is necessa y, and he i in he alliance
po olio mus be aken in o accoun (Duys e s e al., 1999; Goe zen (2005). The p oac i e
alliance o ma ion dimension will he e o e impac on o he dimensions o o ganiza ional
ou ines such as he ela ional go e nance and po olio coo dina ion dimensions. Pa ne ing
p oac i eness in luences ela ional go e nance, as he p oac i e sea ch o and selec ion o
pa ne s ca ied ou by he ocal ac o p obably a o s he de elopmen o s ong ela ionships
(Sa ka e al., 2009). The ela ional go e nance dimension is a consequence o s eng hening a
i m’s ela ionships and de eloping us (Gula i, 1995b), es ablishing in o mal sa egua ds,
and aking accoun o he se o ela ions ha o m he alliance po olio. As such, i will ha e
a posi i e and signi ican in luence on alliance po olio pe o mance. The e o e, he p esence
o in e - i m us is an ex ao dina y lub ican o he se o po olio alliances ha in ol e
conside able in e dependence and ask coo dina ion (Gula i, 1998). Howe e , he po olio
coo dina ion dimension a iable is mo e di ec ly associa ed wi h alliance po olio
pe o mance. Consequen ly, ou esea ch shows ha he dimension o o ganiza ional ou ine
ha acili a es he synch oniza ion o s a egies and ac i i ies and he low o esou ces
be ween he pa ne s in he ocal ac o ’s ego ne wo k has a posi i e impac on alliance
po olio pe o mance (Sa ka e al., 2009). In ac , he alliance po olio coo dina ion
dimension is he bes p edic o o po olio pe o mance in ou esea ch model (cla i ying
46.9% o i s explained a iance). This su passes he di ec in luence ha he pa ne ing
p oac i eness and he ela ional go e nance dimensions exe on he inal endogenous
a iable. Howe e , p oac i eness in o ming pa ne ships can acili a e he managemen o
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in e dependencies a he po olio le el, h ough he selec ion o he mos sui able pa ne s,
gi en ha he need o coo dina e he alliance po olio is p ima ily a esul o he
in e dependencies be ween indi idual alliances (Schilke and Goe zen, 2010).
In conclusion, his s udy has helped o demys i y he complex ela ionships be ween
he di e en dimensions o alliance po olio managemen capabili y ha ha e ei he been
analyzed independen ly (Sa ka e al., 2009), o analyzed as dimensions ha a e conside ed o
be second o de cons uc s in he li e a u e (Schilke and Goe zen, 2010), wi hou s udying he
ies be ween hem. Indeed, he s uc u al model shows ha all pa h coe icien s be ween
pa ne ing p oac i eness, ela ional go e nance and po olio coo dina ion a e signi ican .
Consequen ly, hese dimensions o alliance po olio managemen capabili y a e no only
in e ela ed sequen ially, bu also in a pa allel p ocess: pa ne ing p oac i eness is
signi ican ly associa ed wi h ela ional go e nance and po olio coo dina ion. By looking
in o his issue in g ea e de ail, we ha e shown ha he ela ional go e nance and he po olio
coo dina ion dimensions sequen ially media e he ela ionship be ween pa ne ing
p oac i eness and alliance po olio pe o mance. Ou esul s u he indica e ha his is a
pa ial media ion because he pa ne ing p oac i eness dimension con inues o be signi ican
in he p esence o he media o s. Thus, he di ec impac o pa ne ing p oac i eness on he
pe o mance o he alliance po olio becomes less ele an in he p esence o he ela ional
go e nance and he po olio coo dina ion dimensions. These indings suppo ou heo e ical
a gumen in a o o analyzing he di ec and indi ec ela ions be ween he dimensions o his
capabili y, in o de o iden i y and unde s and he compe i i e ad an age ha s ems om he
ocal ac o ’s alliance po olio managemen capabili y. Ou conclusion suppo s Pa ise and
Cashe ’s (2003) asse ion ha a success ul alliance po olio capabili y is no only a unc ion
o how companies wo k wi h hei indi idual alliances, bu also o how hey design and
manage hei en i e pa ne po olio.
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5.2. P ac ical implica ions
The inc easing impo ance o s a egic alliances in a global business en i onmen in a s a e o
cons an lux aises he ques ion o how i ms should manage hei alliance po olios
(Wassme , 2010). Manage s o i ms ha engage in mul iple simul aneous alliances ha e
ealized ha hese alliances may no be independen ly managed (La ie, 2009). Alliances
he e o e need o be designed and managed in an e icien way o cap u e hei maximum
alue (La ie, 2009). Achie ing his equi es a clea unde s anding o he alliance po olio
managemen capabili y, which en ails analyzing he po olio’s dimensions and he
ela ionships be ween hem. The esul s o ou empi ical es s demons a e he impo ance o
he ocal i m’s pa ne ing o ma ion p oac i eness, as his acili a es go e nance based on
us and he in o ma ion- ela ional aspec s o he ies ha c ea e he ne wo k. This
p oac i eness also aids he synch oniza ion and coo dina ion o s a egies, ac i i ies and
esou ce lows be ween he pa ne s in he ocal ac o ’s ego ne wo k. Manage s need o in es
mo e in de eloping skills and ou ines in h ee aspec s o alliance po olio managemen :
po olio con igu a ion, ela ionship managemen , and po olio coo dina ion (Sa ka e al.,
2009). This equi es ac ions on h ee on s. Fi s ly, iden i y, e alua e and selec he mos
sui able pa ne s. Secondly, de elop us and s ong ies in all he ela ionships ha cons i u e
he po olio. Finally, he mos impo an aspec o alliance po olio managemen capabili y is
he in eg a ion and synch oniza ion o he s a egies, ac i i ies and esou ce lows emana ing
om he di e en pa ne s in he alliance po olio (Sa ka e al., 2009). In his way, manage s
will be able o ans o m he po en ial bene i s o he alliance po olio in o ac ual bene i s. In
summa y, i hey can iden i y he ela ionships be ween he a ious dimensions o he alliance
po olio managemen capabili y and demons a e ha he dimensions o ela ional
go e nance and alliance po olio coo dina ion play a c i ical media ing ole, manage s will be
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able o adop a be e s a egic app oach o he adminis a ion o hei alliance po olios and
he eby imp o e pe o mance.
In conclusion, i ms a e pa icipa ing in a g ea e numbe o alliances o emain
compe i i e in an inc easingly demanding economy. The e o e, when execu i es de elop a
holis ic unde s anding o he possible in e dependencies be ween di e en ypes o i ms,
de elop o ganiza ional ou ines o hei managemen eam and unde s and how he
dimensions ela e o each o he , hen hey will be able o iden i y and en ich hei s a egic
possibili ies. The oppo uni ies o hese manage s o achie e compe i i e ad an age will
inc ease, as opposed o hose who main ain a simplis ic iew, in which hey a e cons ained
by p e-supposed dyadic in e dependencies (Ozcan and Eisenha d , 2009; Sa ka e al., 2009).
6. Limi a ions
We should acknowledge a se ies o limi a ions in ou esul s and conclusions. Fi s , he da a is
pe cep ual, because ou wo k is based on p ima y in o ma ion ga he ed om a sample o
i ms h ough a su ey. Fu he mo e, al hough we de eloped a se ies o analyses, in o de o
maximize da a accu acy and eliabili y, hese da a we e no ga he ed om a single esponden ,
which could gene a e he p oblem o a possible common me hods bias. Second, an ini ial
limi a ion is ela ed o he no ion o causali y. Al hough e idence is p o ided o he model’s
causali y, his e idence has no been ully es ed. Ou s udy has aken a so modeling
app oach di ec ed mo e owa ds p edic ion han causali y. While causa ion gua an ees he
abili y o con ol e en s, p edic abili y allows only a limi ed deg ee o con ol (Falk and
Mille , 1992). The hi d limi a ion a ises om he echnique used o he p oposed model:
s uc u al equa ions, which assume a linea i y o ela ionships be ween la en a iables (Hai
e al., 1998). Fou h, he design o his empi ical wo k was c oss-sec ional. Howe e , he
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dimensions o alliance po olio managemen capabili y a e dynamic (Sa ka e al., 2009;
Schilke and Goe zen, 2010) and can change o e ime. Fu u e esea ch should measu e he
concep s analyzed a se e al poin s in ime, aking hese dynamics in o accoun o con igu e
he di e en dimensions o alliance po olio managemen capabili y. Fi h, he limi a ions o
using a mul i-sec o al sample o i ms om a single coun y can p esen se ious
incon eniences when ex apola ing he conclusions o ou analysis. An in e es ing u u e
esea ch line would be o analyze possible di e ences in he de elopmen o he dimensions
o he alliance po olio managemen capabili y as a consequence o he cul u al di e ences
be ween coun ies (La ie and Mille , 2008; Tihanyi e al., 2005). I would likewise be o
in e es o in oduce con ex ual a iables such as en i onmen al dynamism, o analyze how
hose a iables in luence he e ec i eness o alliance po olio managemen capabili y on
po olio pe o mance (Schilke, 2013).
In conclusion, whils acknowledging he conside able di icul y en ailed in he
analysis and measu emen o he o ganiza ional capabili y o alliance po olio managemen ,
we conside ha his wo k has succeeded in p o iding a be e unde s anding o he concep .
Inc easing managemen o mul iple and simul aneous s a egic alliances has e ealed he need
o an unde s anding o he p ocesses and skills used o manage a po olio as a cohe en
whole by adop ing a holis ic app oach (Wassme , 2010). We he e o e conside i i al, in
o de o gain a ull unde s anding o alliance po olio managemen capabili y, o iden i y no
only he di e en dimensions o his capabili y, bu also he in e ela ionships be ween he
dimensions. We belie e ha his s udy has aken us a s ep close o gaining ha
unde s anding.
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Fig. 1. Th ee-pa h media ion model
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Fig. 2. S uc u al model: Th ee-pa h media ion model
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