ALLIANCE PORTFOLIO AND INNOVATIVE PERFORMANCE OF BRAZILIAN INDUSTRY

MOREIRA, FREDERICO G. P.; TORKOMIAN, ANA L. V.; MORALLES, HERICK

doi:10.1590/S0034-759020200504

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ARTICLES • Rev. adm. empres. 60 (5) • Sep-Oct 2020 • https://doi.org/10.1590/S0034-759020200504 copy

ALLIANCE PORTFOLIO AND INNOVATIVE PERFORMANCE OF BRAZILIAN INDUSTRY

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

The main objective of this study is to analyze the relationship between Alliance Portfolio Diversity (APD) and the firm's innovative performance, especially when R&D capacity (RDCAP) and Specialized Complementary Assets (SCA) moderate this relationship at different points in the firm's value chain; the study also identifies the nature of the relationship between such moderators. It applies econometric methods to a database comprised of 13,020 companies from Brazilian industry. The results reveal an inverted U-shaped curvilinear relationship between APD and innovative performance, as well as the effective positive moderation of this relationship by the RDCAP and the SCA. This research contributes to the literature on firm knowledge, especially theories of open innovation and absorptive capacity (AC). The former is progressing to emerging economic contexts and the second, contributing a new way of understanding AC by investigating its spatial dimensions, in addition to the skills and competencies dimensions.

KEYWORDS
Alliance portfolio diversity; innovative performance; R&D capacity; specialized complementary assets; firm's value chain

Number of partner type	Frequency	Percent
0	10,180	78.19
1	813	6.24
1	576	4.42
2	452	3.47
3	355	2.73
4	281	2.16
5	192	1.47
6	88	0.68
7	28	0.22
8	22	0.17
9	22	0.17
10	8	0.06
11	0	0
12	3	0.02
13	0	0
14	0	0
Total	13,020	100.00

	Variable	Average	Standard D.	Obs.	1	2	3	4	5	6	7	8	9	10	11	12
1	TOTAL_IN	0.166	26.96	13,020	1
2	Specialized complementary assets	9.27	119.88	12,874	0.025^* * denotes p < 0.01	1
3	Alliance Portfolio Diversity	0.047	0.112	13,020	0.090^* * denotes p < 0.01	0.001	1
4	R&D Capacity	0.607	10.54	12,915	0.001	0.001	0.14^* * denotes p < 0.01	1
5	R&D function	0.280	0.858	13,020	0.086^* * denotes p < 0.01	-0.00	0.74^* * denotes p < 0.01	0.15^* * denotes p < 0.01	1
6	Number of Persons Employed	475.78	1,893.26	13,020	0.008	-0.004	0.22^* * denotes p < 0.01	0.47^* * denotes p < 0.01	0.21^* * denotes p < 0.01	1
7	Internal R&D	0.096	5.73	12,874	-0.003	0.012	0.01	0.001	0.02^* * denotes p < 0.01	-0.00	1
8	Exporter	0.054	0.226	13,020	- 0.011	-0.001	0.08^* * denotes p < 0.01	0.04^* * denotes p < 0.01	0.07^* * denotes p < 0.01	0.09^* * denotes p < 0.01	-0.00	1
9	Controlling Capital Origin	0.131	0.338	13,020	0.033^* * denotes p < 0.01	0.016	0.14^* * denotes p < 0.01	0.05^* * denotes p < 0.01	0.16^* * denotes p < 0.01	0.13^* * denotes p < 0.01	-0.00	0.19^* * denotes p < 0.01	1
10	Financed Financial Institutions	5.06	18.96	13,020	0.005	0.03^* * denotes p < 0.01	0.04^* * denotes p < 0.01	0.01	0.06^* * denotes p < 0.01	0.01	0.00	-0.01	0.05^* * denotes p < 0.01	1
11	Subsidiary	0.213	0.409	13,020	0.040^* * denotes p < 0.01	0.010	0.16^* * denotes p < 0.01	0.06^* * denotes p < 0.01	0.16^* * denotes p < 0.01	0.18^* * denotes p < 0.01	-0.00	0.12^* * denotes p < 0.01	0.40^* * denotes p < 0.01	-0.01	1
12	Transformation Industry	0.992	0.085	13,020	0.028^* * denotes p < 0.01	-0.004	-0.02^* * denotes p < 0.01	-0.001	-0.007	-0.01	0.00	-0.03^* * denotes p < 0.01	-0.00	-0.01	-0.03^* * denotes p < 0.01	1

	Innovators = 13,020 observations				Innovators/APD = 2,840 observations
	2008 (n=6,848)		2011 (n=6,172)		2008 (n=1,217)		2011 (n=1,623)
	Average	SD	Average	SD	Average	SD	Average	SD
TOTAL_IN	16,793	26,634	16,411	27,333	19,845	26,154	21,299	29,153
Alliance Portfolio Diversity	0.034	0.095	0.062	0.128	0.195	0.140	0.236	0.147
R&D Capacity	0.533	10,004	0.689	11.120	2,140	23,508	2,067	21,491
Specialized Complementary Assets	8,085	43,305	10,598	168,204	12,441	78,307	7,371	22,732
R&D function	0.219	0.759	0.348	0.952	1,231	1,413	1,322	1,467
Employed People	475	1,772	475	2,018	1,045	3,130	945	3,443
Internal R&D	0.119	7,294	0.071	3,218	0.062	0.466	0.207	6,286
Exporter	0.056	0.231	0.051	0.220	0.082	0.274	0.074	0.261
ORIGCAP	0.137	0.344	0.125	0.331	0.240	0.427	0.195	0.396
Financed Financial Institutions	6,677	22,213	3,283	14,324	6,959	22,025	5,891	18,600
Subsidiary	0.250	0.433	0.171	0.376	0.403	0.498	0.280	0.449
Industry Transformation	0.985	0.117	1	0	0.984	0.124	1	0
Region	4,310	1,003	4,205	1,058	4,378	0.992	4,210	1,067

Dependent Variable: TOTAL_IN (sum of sales percentages for incremental and radical product innovations)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
Alliance Portfolio Diversity (APD)	31.12^* ***** p<0.01	56.68^* ***** p<0.01	57.31^* ***** p<0.01	56.69^* ***** p<0.01	56.65^* ***** p<0.01	57.29^* ***** p<0.01
Specialized Complementary Assets (SCA)	0.008^ p<0.05, and	0.008^ p<0.05, and	0.0002	0.008^* * p<0.10,	0.008^* * p<0.10,	-0.0004
R&D Capacity (RDCA)	-0.044^ p<0.05, and	-0.024	-0.024	0.831^* ***** p<0.01	-0.027	0.988^* ***** p<0.01
APD squared		-75.53^* ***** p<0.01	-82.71^* ***** p<0.01	-70.24^* ***** p<0.01	-75.39^* ***** p<0.01	-78.37^* ***** p<0.01
APD squared x SCA			0.982^* * p<0.10,			1.140^* * p<0.10,
DPA x SCA			-0.136^* * p<0.10,			-0.145^* * p<0.10,
APD squared x RDCA				2.764^* ***** p<0.01		2.981^* ***** p<0.01
DPA x RDCA				-3.380^* ***** p<0.01		-3.725^* ***** p<0.01
RDCA x SCA					0.0004	-0.005^ p<0.05, and
R&D Function						2.748^* ***** p<0.01
Number of Employed Persons						0.000
Internal R&D						0.003
Exporter						-7.923^* ***** p<0.01
Controlling Capital Origin						4.723^* ***** p<0.01
Financed Financial Institutions						-0.009
Subsidiary						3.568^* * p<0.10,
Transformation Industry						18.308^* * p<0.10,
Region
2						-0.463
3						-5.710^ p<0.05, and
4						-2.955
5						-5.375^ p<0.05, and
Year
2011						-4.465^* ***** p<0.01
CONSTANT	-12.107^ p<0.05, and	-10.632^ p<0.05, and	-10.581^ p<0.05, and	-10.435^ p<0.05, and	-10.630^ p<0.05, and	-10.417^ p<0.05, and
Number of Obs	12.874	12.874	12.874	12.874	12.874	12.874
F	(16, 12,858) 21.11	(17, 12,857) 21.02	(19, 12,855) 19	(19, 12,855) 19	(18, 12,856) 19	(22, 12,852) 17
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000

Dependent Variable: TOTAL_IN (sum of sales percentages for incremental and radical innovations)
	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
Alliance Portfolio Diversity (APD)	15.09^* ***** p<0.01	23.58^* ***** p<0.01	24.08^* ***** p<0.01	23.36^* ***** p<0.01	23.56^* ***** p<0.01	23.85^* ***** p<0.01
Specialized Complementary Assets (SCA)	0.005^* ***** p<0.01	0.005^* ***** p<0.01	-0.001	0.005^* ***** p<0.01	0.005^* ***** p<0.01	-0.001
R&D Capacity (RDCA)	-0.020^* * p<0.10,	-0.013	-0.014	0.399^* ***** p<0.01	-0.016	0.494^* ***** p<0.01
APD²		-25.60^ p<0.05, and	-31.44^ p<0.05, and	-22.40^* * p<0.10,	-25.51^* * p<0.10,	-28.84^ p<0.05, and
APD² x SCA			0.797^ p<0.05, and			0.891^* * p<0.10,
APD x SCA			-0.109^* * p<0.10,			-0.113^ p<0.05, and
APD ² x RDCA				1.317^* ***** p<0.01		1.451^* ***** p<0.01
DPA x RDCA				-1.625^* ***** p<0.01		-1.834^* ***** p<0.01
RDCA x SCA					0.0002	-0.003
R&D Function						1.299^* ***** p<0.01
Number of Employed Persons						-0.0002^* * p<0.10,
Internal R&D						-0.023^* * p<0.10,
Exporter						-2.558^ p<0.05, and
Controlling Capital Origin						1.082
Financed Financial Institutions						-0.002
Subsidiary						1.376^ p<0.05, and
Transformation Industry						6.109^* ***** p<0.01
Region
2						2.346
3						-1.789
4						-1.555
5						-2.700^ p<0.05, and
Year
2011						-0.942^ p<0.05, and
CONSTANT	12.08^* ***** p<0.01	12.58^* ***** p<0.01	12.62^* ***** p<0.01	12.65^* ***** p<0.01	12.58^* ***** p<0.01	12.67^* ***** p<0.01
Number of Obs	12.874	12.874	12.874	12.874	12.874	12.874
F	(16,10,523) 9.40	(17,10,523) 9.23	(19, 10,523) 8.58	(19, 10,523) 15	(18, 10,523) 8.7	(22, 10,523) 1
Prob > F	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000
R²	0.0136	0.0140	0.0144	0.0151	0.0140	0.0157
Root MSE	26.689	26.685	26.681	26.672	26.686	26.666

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