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About This Document: This article examines the relative performance of firms as they enter new markets of varying knowledge intensity dirough acquisitions and alliances. Building on the knowledge-based view of the firm and using a sample of 305 market entry events, we investigate (1) how the level of knowledge-based resources and expertise required in a new market influence market projections of firm performance and (2) the relative performance of acquisitions and alliances as means to enter markets with varying conditions of knowledge intensity. We find that the knowledge-intensity of a new market has a curvilinear impact on market projections of performance for both alliances and acquisitions. Firms perform better when entering low or high knowledge-intensive environments, with alliances consistently performing better than acquisitions. The relatedness of knowledge between the firm and the new market positively impacts performance, while prior experience with the entry mode leads to lower performance. Implications of these findings for knowledge access and acquisition are discussed. [PUBLICATION ABSTRACT]

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05/27/10

Accessing Knowledge through Acquisitions and Alliances: An Empirical Examination of New Market Entry*

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Accessing Knowledge t

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