Harmonizing coopetition: market value implications of coopetitor configurations and strategic alignment in firms

Purpose This study aims to examine how capital markets evaluate coopetitor configurations in technology-intensive firms and how these evaluations vary based on strategic positioning. Specifically, this paper investigates how technological overlap (TO), market overlap (MO) and their combinations interact with cost leadership and differentiation strategies to influence firm market value. Design/methodology/approach Using R&D collaboration data from 184U.S. information and communication technology firms (2005–2020), this paper use cross-sectional time series feasible generalized least squares regression to analyze unbalanced panel data, addressing potential biases from heteroscedasticity and serial correlation. Findings Capital markets favor moderate TO; MO alone is less favored but boosts value when combined with TO. Benefits depend on strategic positioning: cost leaders gain from technological and combined overlaps, differentiators from MO. Identical coopetitor configurations yield different valuations based on strategic fit. Originality/value This study advances resource-based view by integrating coopetitor configurations and reintroduces capital market investors as key evaluators. It refines R-A Theory by showing optimal coopetitor configurations depend on strategic alignment with external resources, reconciling conflicting findings and guiding alliance portfolio optimization in capital-intensive industries.