Hypothesis 1a: The firms technological resources are associated with the choice of acquisitions over alliances

and alliances over divestitures.

Hypothesis 1b: The firms marketing resources are associated with the choice of acquisitions over alliances,
and alliances over divestitures
Hypothesis 2a: The level of insider ownership of the firm is associated with the choice of divestitures over
alliances, and alliances over acquisitions.
Hypothesis 2b: The level of blockholder ownership of the firm is associated with the choice of divestitures
over alliances, and alliances over acquisitions.
Hypothesis 2c: The level of institutional ownership of the firm is associated with the choice of divestitures
over alliances, and alliances over acquisitions.
Hypothesis 3a: The firms acquisition experience is associated with the choice of acquisitions over both
alliances and divestitures.
Hypothesis 3b: The firms divestiture experience is associated with the choice of divestitures over both
alliances and acquisitions.
Hypothesis 3c: The firms alliance experience is associated with the choice of alliances over both acquisitions
and divestitures.
Hypothesis 4a: The firms diversification level is associated with the choice of acquisitions overalliances, and
alliances over divestitures
Hypothesis 4b: The firms diversification level is associated with the choice of divestitures over alliances, and
alliances over acquisitions
Hypothesis 5: The relatedness between the focal firm and the target (or partner) firm is associated with the
choice of acquisitions over alliances, and alliances over divestitures.
Hypothesis 6: The size balance between the focal firm and the target (or partner) firm is associated with the
choice of divestitures over alliances, and alliances over acquisitions.
Hypothesis 7: The number of prior alliances between the firm and the target (or partner) firm is positively
associated with the choice of alliances over both acquisitions and divestitures.
Hypothesis 8: The relatedness between the firm and the activity that is subject to the transaction is associated
with the choice of acquisitions over alliances, and alliances over divestitures.
Hypothesis 9a: The firms governance specialization is insignificantly associated with the choice of
governance form.
Hypothesis 9b: The firms governance specialization is associated with the choice of acquisitions over
alliances, and alliances over divestitures.
Hypothesis 9c: The firms governance specialization is associated with the choice of divestitures over
alliances, and alliances over acquisitions.
Hypothesis 10a: The recency of the firms sameform governance experience is associated with the choice of
acquisitions over alliances, and alliances over divestitures.

Hypothesis 10b: The recency of the firms sameform governance experience is associated with the choice of
divestitures over alliances, and alliances over acquisitions.
Hypothesis 11a: The target (or partner) firms technological resources are associated with the choice of
acquisitions over alliances, and alliances over divestitures.
Hypothesis 11b: The target (or partner) firms marketing resources are associated with the choice of
acquisitions over alliances, and alliances over divestitures.
Hypothesis 12a: The interaction between uncertainty and asset specificity is associated with the choice of
acquisitions over alliances, and alliances over divestitures.
Hypothesis 12b: The internal organization costs of integrating the target firm into the focal firm are associated
with the choice of divestitures over alliances, and alliances over acquisitions.