Exploring the internal and external venturing of large R&D-intensive firms

$48.00 plus tax (Refund Policy)

Download / Buy Article:


We explore the realized strategies of large R&D-intensive firms through a venturing lens, focusing on two industries: pharmaceuticals and high-technology equipment manufacturing. Specifically, we examine changes in strategy over time along two critical dimensions: (1) focus of venturing, i.e., internally vs externally oriented, and (2) learning orientation i.e., explorative vs exploitative. Our empirical analysis is based on news stories relating to six large, R&D-intensive firms over a 6-year period. The findings suggest the following: (1) exploration is more prevalent than exploitation in both pharmaceuticals and high-technology equipment manufacturing, but pharmaceuticals have a greater preference for internal venturing than high-technology equipment manufacturing; (2) three firm-level venturing strategy types can be discerned, which are independent of the specific industry; and (3) change in realized strategy is a dynamic capability facilitated by firm-level factors. These results, albeit explorative, emphasize venturing in R&D industries as a dynamic capability that is influenced by firm-level characteristics rather than industry membership.

Document Type: Research Article

DOI: http://dx.doi.org/10.1111/j.1467-9310.2009.00553.x

Affiliations: 1: Strategy and Marketing Section, Amsterdam Business School, Universiteit van Amsterdam, Plantage Muidergracht 12, 1018 TV Amsterdam, The Netherlands., Email: c.williams@uva.nl 2: Department of Management, Birkbeck College, University of London, Malet Street, London WC1E 7HX, UK

Publication date: June 1, 2009

Related content



Share Content

Access Key

Free Content
Free content
New Content
New content
Open Access Content
Open access content
Subscribed Content
Subscribed content
Free Trial Content
Free trial content
Cookie Policy
Cookie Policy
ingentaconnect website makes use of cookies so as to keep track of data that you have filled in. I am Happy with this Find out more