This paper provides an empirical study about the strategic motives and firms characteristics which influence the cooperation likelihood on R&D and innovation between Argentine and Spanish firms. Combining both qualitative and quantitative methodology, we draw upon data collected through a survey of 104 firms and complementary information gathered from 19 in-depth interviews. Results of a multinomial regression show that the cooperation probability increases with the firm size and exportation activities and decrease with the firm age whereas, opposite to literature findings, the firm technological intensity is a non-significant variable. While for Argentine firms the principal motives are cost reduction and capabilities improvement, purposes for Spanish firms are access to new knowledge for technological development and the search for market opportunities. Firm-specific motives and expectations also may differ considerably according the activity sector in each country. These divergences and asymmetry in access to public funds have relevant implications for policy incentives and regulations.