Abstract
We examine 17,563 strategic alliance formations among 652 pharmaceutical firms from 1990-2012. We categorize each alliance as either exploitation or exploration, while categorizing institutional shareholders as either dedicated or transient. We find both types of institutional shareholders prefer exploitation over exploration strategic alliances. We also find evidence of a strategic fit between institutional owners, their portfolio firms, and their strategic alliances. We find dedicated institutional ownership correlates with higher sales and net revenue for portfolio firms engaging in exploration alliances.
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