Abstract
How do licensing transactions unfold in technological alliances? We address this research question with emphasis on understanding the impact of technology stage, previous licensing experience, verticality of partner choice, and market relevance on licensing agreement terms. In particular, we leverage transaction-cost and resource-based theories as well as a large and novel dataset comprised of 2,809 biotechnology licensing transactions to understand when these transactional features lead to non-exclusive versus exclusive licensing outcomes. Our findings contribute to fledgling research on contracts at the transaction unit of analysis and offer implications for entrepreneurial firms’ options to enhance the chances of survival in highly uncertain product markets.
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