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1、AcademyofManagementJournal2009,Vol.52,No.2,246–279.ORIGINOFALLIANCEPORTFOLIOS:ENTREPRENEURS,NETWORKSTRATEGIES,ANDFIRMPERFORMANCEPINAROZCANIESEBusinessSchoolKATHLEENM.EISENHARDTStanfordUniversityAllianceportfoliosareubiquitousandinfluentialforfirmperformance.Extantre-searchaddressesatt
2、ributesofhigh-performingallianceportfoliosbutnothowexecu-tivesoriginatesuchportfolios.Inourinductivecasestudyofsixentrepreneurialrivalsinthewirelessgamingindustry,wefindthatexecutivesaremorelikelytooriginatehigh-performingportfolioswhentheyvisualizetheirportfoliosinthecontextoftheentir
3、eindustryasopposedtoaseriesofsingletiesandwhentheysimultaneouslyformtieswithmultiplepartners.Theemergenttheoreticalframeworkemphasizesagencyandstrategicactionincontrasttoadeterministicaccountofdyadicinterdependenceandsocialembeddedness.Applerecentlyannouncedrecordcorporateprof-alsobete
4、rmedan“egocentricnetwork”)asafirm’sitsthataccompanieditsdramaticreversaloffor-setofdirectties(Das&Teng,2000).tunefrom“neardeath”adecadeearlier.ButAppleFromatheoreticalview,portfoliosareimportantdidnotactalonetobringaboutthisreversal.becausefirmsformtiesinthecontextofbuildingRather,Appl
5、e’sportfoliooftieswithEMI,Google,portfolios,makingthelogicofportfoliobuildingSalesforce.com,Microsoft,andotherfirms(Bur-centraltounderstandingtieformation.Portfoliosrows,2007)waskeytoitssuccess.Thesetiesen-arealsotheoreticallyimportantbecausetheyhaveabledAppleleaderstofocusontheirstren
6、gths,aggregateproperties(suchastiediversityandmixsuchasarchitecturaldesign,whileleveragingtheiroftiestrengths)thataffectperformance(Uzzi,partners’resourcesandmarketpositions(Yoffie&1997)butarenotmeaningfulforsingleties.Portfo-Slind,2006).AndtheApplestoryisnotunique,forliosarealsoengine
7、sofnetworkevolution.Thatis,manyfirmsrelyontheirportfoliosoftiestoen-networksdonotevolvebythemselves.Rather,hanceperformance.firmsadjusttheirportfolios,therebychangingtheAlthoughahandfulofstudieshavelinkedport-networksinwhichtheyoperate.Fromapracticalfoliosoftiestofirmperformance(Baum