전략적 제휴가 기업가치에 미치는 영향(Do strategic alliances in a developin gcountry create firm value ? )
*의*
다운로드
장바구니
소개글
2001-2007년 사이에 있었던 기업간 전략적 제휴에 대해 제휴 상대방의 크기, 국적, 제휴의 목적, 제휴의 유형에 따라 기업가치에 미치는 영향을 사건연구방법에 따라 분석(영어)목차
1. Introduction2. Theoretical background and hypotheses
3. Previous empirical evidence for announcement effects of alliances
4. Data and Methods
5. Empirical results
6. Conclusions
본문내용
1. IntroductionIn the last a few decades, strategic alliances have become one of the major means to survive in the increasingly competitive business world. According to Robinson (2008) the number of alliance transactions has grown by approximately 16% per year in the US since 1985 to 2001 except three years. In 1990`s by the globalization as collapsing barriers between many geographical markets and the blurring of borders between sectors, strategic alliances have come toward various directions. Even alliances with rival firms are met with everywhere. Furthermore firms in different sectors are being joined in strategic alliances; Du Pont/Sony partnership for optical memory storage; Motorola/Toshiba union for microprocessors; General Motors/Hitachi for electronic components of automobiles are such good examples (Kang & Sakai, 2000) With such a prevalence, the term strategic alliance has never been clearly defined for the reason that alliances are among the various option which companies can use to achieve their goals so that it can be applied any kind of agreements.
참고 자료
Berger, P., Ofek, E., (1995), “Diversifications effect on firm value” Journal of Financial Economics 37, 39-66.Brown, S. J., Warner, J.B.,(1985), “Using daily stock returns : The Case of Event Studies”, Journal of financial Economics 14(1985) 3-31
Chung, I.Y., Koford, K.J., Lee, I., (1993), “Stock market views of corporate multinationalism” : Some evidence from announcements of international joint ventures. Quarterly Review of Economics and Finance 33, 275-293.
Combs, J. G. and Ketchen, D. J.,(1999), “Explaining Interfirm Cooperation and Performance: Toward a Reconciliation of Predictions from the Resource-Based View and Organizational Economics” Strategic Management Journal, Vol. 20, No. 9, 867-888
Chan, S.H., Kensinger, J. W., Keown, A.J., Martin,J.D.,(1997) “Do Strategic Alliances Create Value?” Journal of Financial Economics Vol.46, 199-221
Cho, M.H., Oh, D.H.,(1999), A Study on Impact of International Strategic Alliances on Korean Firm Valuation.” Korean Management Review, 277-297
Comment, R., Jarrell, G., (1995), “Corporate focus and stock returns.” Journal of Financial Economics 37, 67-88.
Contractor, F. J., Lorange, P.,(2002) “Cooperative strategies in international business” Oxford, Elservier, 3-6
Das, P., Sen. K., Sengupta, S.,(1998) “Impact of Strategic Alliances on Firm Valuation” The Academy of Management Journal, Vol. 41, No. 1 (Feb., 1998), pp. 27-41
Das,T. K., Teng,B.S(2000), “A Resource-Based Theory of Strategic Alliances” Journal of Management, Vol26: 31 - 61.
Duncan, L., (1982). “Impacts of new entry and horizontal joint ventures on industrial rates of return.” Review of Economics and Statistics 64, 339-342.
Green, R.,(1984), “Investment incentives, debt and warrants.” Journal of Financial economics 13, 115-136
Grant, R.M., Baden-Fuller.C,(2004), “A Knowledge Accessing Theory of Strategic Alliances”, Journal of Management Studies 41:1,0022-2380
Jensen, M., Meckling, W., (1991), “Specific and general knowledge and organizational structure.” In:Werin, L., Wijkander, H. (Eds.), Main Currents in Contract Economics.Blackwell Publishers, Oxford.
Koza, M. P., Lewin, A. Y. (1998), “The Co-Evolution of Strategic Alliances” Organization Science, Vol. 9, No. 3, 255-264
Koh, J.,Venkatraman,N.(1991) “Joint venture formations and stock market reactions: An assessment in the information technology sector.” Academy of Management Journal, 34, 869-892
Lee, I., Wyatt, S.B., (1990), “The effects of international joint ventures on shareholder wealth.” Financial Review 25, 641-649.
Lummer, S.L., McConnell, J.J., (1990). “Stock valuation effects of international joint ventures.” In:Rhee, S.G., Chang, R.P. (Eds.), Pacific-Basin Capital Markets Research. Elsevier Science Publishers, New York, pp. 531-546.
Levinthal, D.A. , March, J. G.(1993), “The Myopia of Learning” Special Issue: Organizations, Decision Making and Strategy, Strategic Management Journal, Vol. 14, 95-112
McConnell, J., Nantell, T.,(1985), “Corporate combinations and common stock returns:the case of joint ventures.” Journal of Finance, V40, 519-536
Kang, N,H., Sakai. K.,(2000), “International strategic alliances : Their role in industrial globalization.”[online] OECD Avaiable from http://www.olis.oecd.org[Accessed 28th January 2009].
Noh, H.B., Seo, Y.J.,(1999), “A Study on Impact of Strategic Alliance on Firm Valuation” Journal of International Business, Vol.12, No.1, 59-85
Pfeffer, J., Salancik,G.R.(1978), “The external control of Organization: a Resource Dependence Perspective.” New York: Harper and Row
Rozeff, Michael S.,(1982), “Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios.” Journal of Financial Research, Vol. 5, No. 3, pp. 249-259. Available at SSRN: http://ssrn.com/abstract=820311
Robinson, D.T.,(2006) “Strategic Alliances and the Boundaries of the Firm” Review of Financial Studies; Mar2008, Vol. 21 Issue 2, p649-681, 33p
Singh, H., Montgomery, C. A.(1987) “Corporate Acquisition Strategies and Economic Performance”, Strategic Management Journal, Vol. 8, No. 4 377-386
Williamson, O.,(1989) “Transaction cost economics” in R. Schmalensee & R. Willig(Eds.), Handbook of industrial organization: 135-182. Amsterdam:Elsevier Science.
Woolridge, J.R., Snow, C.C.,(1990), “Stock market reaction to strategic investment decisions.” Strategic Management Journal, 11: 353-363