Innovation is a key factor for the sustainable development of firms. Although it has been a prevalent phenomenon that firms maintain multiple industry–university–research (I–U–R) alliances simultaneously to generate innovation, there is a lack of explorations in this phenomenon in extant literature. In this study, we introduce a new construct, I–U–R alliance portfolio, and investigate the impact of its diversity on a focal firm’s innovation performance. Hypotheses are proposed and examined using datasets of 176 listed firms in the Chinese manufacturing industry. We find that I–U–R alliance portfolio diversity exerts a positive effect on a focal firm’s innovation performance and a firm’s absorptive capacity positively moderates this relationship. Furthermore, we contend that with increasing levels of government financial support, the positive relationship between I–U–R alliance portfolio diversity and firm innovation performance is strengthened. Finally, our findings provide several theoretical and practical implications for the I–U–R alliance portfolio and firm innovation.
The Impact of Industry–University–Research Alliance Portfolio Diversity on Firm Innovation: Evidence from Chinese Manufacturing Firms
