臺大管理論叢 NTU Management Review VOL.29 NO.1

Choose Foreign R&D Partners From Right Pools: A Synthesis Framework 118 Table 5 Robustness Test by Three-Stage Least Square Regression EPOI EPOR ISTK ESTK ME 0.0611*** 0.0815*** (3.10) (4.72) TA 0.0919* 0.370*** (1.66) (7.32) SIZE 0.0351*** 0.0249*** (6.18) (4.82) RD 0.00766** 0.00589* (2.05) (1.82) EPOI 0.326** -0.00400 (2.03) (-0.03) EPOR -0.141 0.401*** (-0.92) (3.52) IV 0.00590 0.00879 (0.11) (0.22) EPOIIV 0.00422 0.0998 (0.03) (0.83) EPORIV 0.0512 -0.149 (0.33) (-1.28) Cons -0.112 -0.115 0.0815 -0.0416 (-1.34) (-1.50) (1.60) (-1.10) N 2,423 2,423 2,423 2,423 Notes: t statistics are indicated in the parentheses. All coefficients are standardized; * p < 0.1; ** p < 0.05; *** p < 0.01. 5. Discussions In line with the extant research, this study empirically confirms that firms in their foreign entry for acquiring technologies will undertake the exploratory learning and will be more inclined to choose their R&D collaborative partners from their external stakeholders when the institutional contexts of host countries are not considered. When firms undertake the exploratory learning in the host countries full of institutional voids, their inclination of choosing the R&D collaborative partners from their external stakeholders will be mitigated. However, different from the theoretic inference, this study