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Drawing on the real options approach, we analyse which factors motivate firms to choose technological joint venture formation as their technology strategy. Scholars researching joint ventures through the real options lens have usually focused on the ending stage of the alliance rather than on its formation. Using a panel of 29 376 observations from 4050 manufacturing firms operating in Spain between 1998 and 2005, our results are consistent with real options approach predictions. We find thatdoi:10.1016/j.respol.2010.05.015 fatcat:krxhdzr7cvhmlgp2uszahknx7u