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This paper presents a conceptual model of partners’ assessment of the performance of their co‐partners in a collaborative relationship. The model’s usefulness has been illustrated through a study of 12 collaborative arrangements between Danish and Ghanaian companies. The results indicate gaps in partners’ expectations and perceived performance of their co‐partners. The perceptual gaps have been explained with reference to differences in motives of collaboration, intensity of interaction, cultural differences as well as the active involvement of a catalyst institution in the development of the relationship. The paper also draws attention to the policy and strategy implications of the empirical evidence.

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