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Abstract
This article provides several contributions to the general understanding of governance in networks and the
achievement of private and common goals. A simple, integrated framework for understanding why firms
collaborate and under which conditions they establish durable networks that succeed in achieving goals is
provided. Network theory is extended by explicitly distinguishing between dyadic‐level governance and
network‐level governance conditions, and by identifying exchange conditions that promote governance. This
way issues as how networks evolve, how they are governed, and ultimately, how collective outcomes might be
generated can be better comprehended. This is especially relevant to policy planners and those having a
perspective that goes beyond the performance of individual organizations