The factor analysis of the five items using varimax rotation generated distinct factors for growth and joint actions. In other words, forming an alliance or an M&A involves interacting with external organizations which may be in nature different from growth actions. Accordingly, our measures capture action speed of two types of actions: (1) growth actions, (2) joint actions. We examine aggregated measures such as
growth actions and joint actions, an approach supported by our confirmatory factor analysis (CFA) discussed below (see Table 1 for factor loadings).