Abstract
This paper proposes that the frequently established association between alliances and performance can be further explained by the alliance management capability. It unfolds some relationships that are encapsulated in the simple link between the alliance-related construct and the performance measures. The research hypothesis formed a structural model and the results confirmed that the proposed moderating role for the alliance management capability is significant and that alliances are effectively used for growing and for innovating.The main outcomes are: (a) a discussion and a test of ‘what is’ the alliance management capability; (b) a better understanding of the reasons why alliances enhance performance, namely by leveraging growth and innovation.