Abstract
Strategic alliances and joint ventures have become an integral part of firms’ corporate and global strategies. Cooperating with other companies facilitates access to new resources and markets, accelerates the development of technological capabilities, reduces risks, and enhances market power. Indeed, successful cooperation can be considered a source of competitive advantage in today’s global economy, which is evidenced both by the amount of revenues generated through alliances and their rising number. However, high failure rates illustrate that cooperative strategies are difficult to implement. Thus, insight into their management becomes paramount. This article identifies management challenges across different stages and emerging trends for future alliance management.