| Summary: | 碩士 === 德明財經科技大學 === 行銷管理系 === 100 === Owing to the significant change in the business environment, strategic alliance has become an increasingly popular way in response to the marketplaces featured by shorter product life cycle and fiercer competitive intensity. Engaging in collaborative relationships not only involves a spanning of firm boundary but significant organizational and performance implications. Drawing on the perspective of resource complementarity, this thesis aims to examine what a good signal of a biotech start-up to the investment community is. As the literature suggests the endorsement effect of allying with legitimate players, the study hypothesizes and tests that allying with different types of partners, namely, well known pharmaceutical companies or prestigious academic organizations, matters with a young biotech firm’ IPO performance. Furthermore, the study also argues that the IPO performance implication of partner identities is subject to alliance capabilities and market conditions. In a sample of alliances of biotech firms with research organizations, I develop testable hypotheses. The empirical results, based on the secondary data from several databases, including RECAP, CRSP, COMPUSTAT and Yahoo! Finance, has expected to contribute to the strategy literature by shedding light on the situational endorsement effect of allying with legitimate players in the context of information asymmetry
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