Impact of strategic alliances on firm valuation

• 成果类型: Article
• 署名作者: Das, S; Sen, PK; Sengupta, S
• 署名单位: University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; State University of New York (SUNY) System; University at Buffalo, SUNY; California State University System; San Francisco State University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/256895
• 发表日期: 1998
• 页码: 27-41
• 关键词: MARKET PIONEER ADVANTAGES; JOINT-VENTURES; GOODS INDUSTRIES; COOPERATION; integration; CHOICE

摘要

This study analyzed 119 strategic alliances formed during the period 1987-91. Using the event study methodology, we found that announcements of technological alliances enjoyed greater abnormal returns in the stock market than marketing alliance announcements. Consistent with our expectations, abnormal returns were negatively correlated with firm profitability and size, indicating that investors perceived more profitable, larger firms as capturing less of the gain generated in alliances, Indeed, the smaller partners in technological alliances appeared to benefit the most, Finally, investor uncertainty increased following alliance announcements for marketing alliances but not for technological alliances.