Strategic alliances in new ventures: Does governance structure affect new venture performance?

Initial public offerings of 189 firms issued between the years 1986 and 1994 were studied to determine the use of strategic alliances by high technology new ventures. Content analysis was performed on the IPOs for several variables including new venture business strategy, new venture motivation for the alliance and the governance structure of the alliance. Accounting data was also coded. Regression was run with sales growth and as the performance variables. While motives for the strategic alliance alone did not have an impact, for the most part, on performance, the interaction between the motive and structure of the alliance did.