Many firms simultaneously develop multiple alliances with different partners and face the challenges of managing a complex alliance portfolio that contains both strong and weak ties. How does this dispersion of tie strength affect alliance portfolio performance? This study examines the effect of tie strength dispersion on alliance portfolio performance, as well as the contingent effects of CEOs’ experience. The empirical analyses, using a dataset consisting of 748 funds initiated by 62 fund management firms over a 10-year period (2002–2011), reveal an inverted U-shaped relationship between tie strength dispersion and alliance portfolio performance. The analyses also reveal that CEOs’ political experience weakens, while their international experience strengthens, this inverted U-shaped relationship.

中文翻译：

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关系强度分散和联盟投资组合绩效：CEO 政治和国际经验的调节作用

许多公司同时与不同的合作伙伴建立多个联盟，并面临管理包含强弱关系的复杂联盟组合的挑战。这种联系强度的分散如何影响联盟投资组合的表现？本研究考察了关系强度分散对联盟投资组合绩效的影响，以及 CEO 经验的或有影响。实证分析使用由 62 家基金管理公司在 10 年期间（2002 年至 2011 年）发起的 748 支基金组成的数据集，揭示了联系强度分散与联盟投资组合绩效之间的倒 U 形关系。分析还表明，CEO 的政治经验减弱，而他们的国际经验加强，这种倒 U 形关系。