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Founder social capital and value appropriation in R&D alliance agreements

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Devarakonda, R. , Reuer, J. J. and Tadikonda, H. (2022) Founder social capital and value appropriation in R&D alliance agreements. Research Policy, 51 (4). 104474. doi:10.1016/j.respol.2022.104474 ISSN 0048-7333.

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Official URL: https://doi.org/10.1016/j.respol.2022.104474

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Abstract

This paper investigates the micro-foundations of value appropriation involving startups and examines the relationship between founder social capital and value obtained by startups in R&D alliance agreements. We build on the bargaining framework for surplus division and propose that founder social capital facilitates a more expansive pool of partnering opportunities and thereby bestows bargaining advantages to a startup, leading it to obtain more value in an R&D alliance deal. More importantly, we develop a novel hypothesis about the complementarity between founder social capital and a startup's technological capabilities to suggest that the bargaining impact of founders’ social capital becomes more pronounced when a startup is also endowed with superior technological capabilities. Furthermore, we suggest that founder social capital can be particularly valuable for startups to secure outside opportunities when there is weak institutional financial support available. Empirical analyses of R&D alliance agreements in the biotechnology industry furnish evidence for our theory.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HJ Public Finance
Divisions: Faculty of Social Sciences > Warwick Business School > Strategy & International Business
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Infrastructure (Economics) , New business enterprises, Research and development projects , Technological innovations
Journal or Publication Title: Research Policy
Publisher: Elsevier BV
ISSN: 0048-7333
Official Date: 4 May 2022
Dates:
DateEvent
4 May 2022Published
16 January 2022Available
4 January 2022Accepted
Volume: 51
Number: 4
Article Number: 104474
DOI: 10.1016/j.respol.2022.104474
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Date of first compliant deposit: 6 January 2022
Date of first compliant Open Access: 16 July 2023
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