Strategic AlliancesAlthough some theorists suggest that the resource-based view may be a new theory of the firm, it is still part of a developing paradigm in strategic research (Amit and Schoemaker , 1993; ; Conner, 1991; Conner and Prahalad, 1996; Mahoney and Mehra, 1996; The usefulness and richness of the paradigm must be demonstrated in various strategic areas. Indeed, researchers are still in the phase of accumulating applications of the resource-based view. For example, Peteraf (1993) shows that enduring differences in firm profitability that cannot be attributed to industry differences can be better explained by the resource-based view. Our understanding of diversification strategy is also enhanced because the resource-based view strongly argues for a strategic relationship within a conglomerate (Chatterjee and Wernerfelt, 1991). Harrison, Hitt, Hoskisson, and Ireland (1991) examined M&A performance from a resource-based perspective. Global strategy, technological strategy and strategic regulation have also been studied applying the resource-based view (Collis, 1991; Leonard-Barton, 1992; Maijoor & Van Witteloostuijn, 1996). One area that remains underexplored in the literature is the resource-based view of strategic alliances, although such alliances are rapidly gaining importance in today's competitive landscape (Das & Teng, in press; Doz & Hamel, 1998; Gomes -Casseres, 1996; Yoshino & Rangan, 1995). A resource-based view seems particularly appropriate for examining strategic alliances because firms primarily use alliances to access the valuable resources of other firms. Thus, corporate resources constitute a relevant basis for studying alliances. The few studies that have applied the resource-based perspective to strategic alliances cover only limited aspects (e.g., Blodgett, 1991; Eisenhardt and Schoonhoven, 1996; Kogut, 1988; Mowery, Oxley, and Silverman, 1998; Rouse and Daellenbach , 1999; Tyler and Steensma, 1995, 1998; Focusing exclusively on the resource-based view of strategic alliances, Eisenhardt and Schoonhoven (1996) essentially found that alliances are more likely to be formed when both firms are in vulnerable strategic positions (i.e. i.e. in need of resources) or when they are in a vulnerable situation. strong social positions (i.e. possessing valuable resources to share). Other researchers have addressed only certain aspects of alliances, such as organizational knowledge (Kogut, 1988) and international business (Blodgett, 1991; Lyles and Salk, 1997). Thus, a general resource-based theory of strategic alliances has not yet emerged. Our goal here is to develop a more comprehensive resource-based theory of strategic alliances than that available in the existing literature...