Do strategic alliances create value?

• 成果类型: Article
• 署名作者: Chan, SH; Kensinger, JW; Keown, AJ; Martin, JD
• 署名单位: University of Hong Kong; University of North Texas System; University of North Texas Denton; Virginia Polytechnic Institute & State University; University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(97)00029-9
• 发表日期: 1997
• 页码: 199-221
• 关键词: Strategic alliance; joint ventures; network organization

摘要

We investigate share price responses to the formation of 345 strategic alliances spanning 1983-1992. The average stock price response is positive, with no evidence of wealth transfers. This is true for horizontal alliances (involving partner firms in industries with the same three-digit SIC codes) as well as non-horizontal alliances. For horizontal alliances, more value accrues when the alliance involves the transfer or pooling of technical knowledge than with nontechnical alliances. Finally, partnering firms tend to display better operating performance than their industry peers over the five-year period surrounding the year in which an alliance is formed.