The paper investigates the role of frames and managerial capabilities on technology licensing decision-making. Based on a qualitative study involving 15 very large organizations, the research finds that frames guide the development of organizational routines that are harmonized into two types of licensing negotiating capabilities through which managers make sense and rationalize opportunities embedded in decision-making. The study generates a taxonomy to articulate the connection between managerial capabilities developed through cognitive frames and the organizational structure of technology licensing decision-making.