Governance mode choices: a comprehensive review of alliances and M&As and future research directions

Document Type

Article

Publication Date

1-1-2026

Abstract

Purpose – Acquisitions and strategic alliances are alternative governance choices for managers. Despite a vast body of literature on the topic that has used different theoretical lenses, we lack a comprehensive synthesis of literature. Accordingly, the purpose of this article is to synthesize the extant literature on choosing between acquisitions and alliances, develop a synthesizing conceptual framework from the analysis of empirical findings, and offer important future research avenues. Design/methodology/approach – We conducted a comprehensive review of the acquisition versus alliance literature to compare the empirical findings systematically. The insights drawn from the selected articles were then integrated into a unifying framework. Findings – The review demonstrated while there is considerable body of research examine the choice between acquisitions and alliances, there is paucity of research examining the performance implications those. Originality/value – This literature review presents an integrative framework that organizes empirical studies on alliance versus acquisition decisions and highlights promising avenues for future research.

Publication Title

Journal of Strategy and Management

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