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

The Moderating Effects of Firm Capabilities and Governance Modes on the Network-Performance Relation 162 3. Methods The empirical setting of this study includes publicly traded Taiwanese biopharmaceutical companies in the stock market from 2002 to 2013. The number of firms studied in the sample is 69. The dataset is derived from two data sources – Taiwan New Economics and Webpat. The financial data and network data were collected from the Taiwan New Economics database. The database has annual reports of publicly traded companies as required by the regulations set forth by the Financial Supervisory Commission. Accordingly, we can rely on these regulatory requirements as a separate measurement of profit and other critical formal disclosures such as alliance announcements and licensing contracts. To construct network measures, we follow Powell et al. (1996) to focus on the formal agreements on inter-organizational relationships and omit the myriad of informal arrangements. Moreover, this database also contains stock information of publicly traded companies, including daily stock price and outstanding shares, among other things. Figure 1 Research Framework Equity-based governance modes External networks External R&D networks External supply chain networks Firm performance H2b (-) H2a (-) H1a (+) H1b (+) H3b (+) H3a (+) Firm capabilities Technical capabilities Manufacturing and marketing capabilities