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Companies across various industries are forming strategic alliances and partnerships to enhance their resource accumulation and competitiveness in both domestic and international markets. A strategic alliance is a formal agreement between two or more companies to collaborate toward shared objectives. While these partnerships often include a contractual agreement, they typically do not involve formal ownership ties. Collaborative agreements with shared ownership are termed joint ventures. A joint venture establishes an independent corporate entity jointly owned and controlled by the partnering companies. Although joint ventures can be more durable, they also carry higher risks. It's noted that a significant number of alliances fail to meet expectations, with estimates suggesting that up to 60% may underperform.