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Constructive partnerships: when alliances between private firms and public actors can enable creative strategies

Author: Rangan, Subramanian ; Samii, Ramina ; Van Wassenhove, Luk N.INSEAD Area: Strategy ; Technology and Operations Management ; Technology and Operations ManagementIn: Academy of Management Review, vol. 31, no. 3, July 2006 Language: EnglishDescription: p. 738-751.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: Drawing on transaction cost economics and theory on externalities, the authors argue that when the realization of economic opportunity: (i) calls for industry-specific competencies, but entails significant positive externalities (i.e., implies specialized private actions with significant public benefits); (ii) is shrouded by high uncertainty to the private actors; and (iii) necessitates to private actors high governance costs for contracting, coordinating, and enforcing, then private-public alliances will be necessary for realizing the economic potential. Thus, specialized resources, positive externalities, uncertainty, and governance costs are all jointly implicated in the authors' theory.
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Drawing on transaction cost economics and theory on externalities, the authors argue that when the realization of economic opportunity: (i) calls for industry-specific competencies, but entails significant positive externalities (i.e., implies specialized private actions with significant public benefits); (ii) is shrouded by high uncertainty to the private actors; and (iii) necessitates to private actors high governance costs for contracting, coordinating, and enforcing, then private-public alliances will be necessary for realizing the economic potential. Thus, specialized resources, positive externalities, uncertainty, and governance costs are all jointly implicated in the authors' theory.

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