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An Agency Theory of Open Innovation

Open innovation is the practice of combining internal R&D efforts with external sources of knowledge. While project developers allocate effort between internal development and external knowledge processing, knowledge brokers search for relevant external ideas. When external knowledge is potentially complex to exploit, a firm faces a trade-off in the decision to "open up'' its innovation process. This trade-off and the resulting degree of openness are affected by internal agency conflicts which determine the firm's ability to absorb external knowledge. The model provides several predictions regarding the optimal degree of openness which shed light on existing empirical evidence.