This study uses academic literature from peer-reviewed journals to assess the literary consensus of the three perspectives. The literature has been found by using specific keywords and an assortment of scholarly databases. The analysis of the literature is structured according to explanations for alliance formation, the attainment of advantages, and disadvantages according to the perspectives. The study is written in article format. Conclusions: The perspectives both overlap and differ from one another but focus on different aspects and incentives. There are, however, more similarities between the resource-based and knowledge-based views. Transaction cost theory and the knowledge-based view are narrow explanatory models, whereas the resource-based view offers a broader view on alliances.