Do strategic alliances in a developing country create firm value? Evidence from Korean firms

Title
Do strategic alliances in a developing country create firm value? Evidence from Korean firms
Author(s)
이현철[이현철]조의제[조의제]정종철김진수[김진수]
Keywords
STOCK-MARKET REACTIONS; CONDITIONAL HETEROSKEDASTICITY; JOINT VENTURES; EXCHANGE-RATES; RETURNS; ANNOUNCEMENTS; SECTOR; EVENT; MODEL
Issue Date
201301
Publisher
ELSEVIER SCIENCE BV
Citation
JOURNAL OF EMPIRICAL FINANCE, v.20, pp.30 - 41
Abstract
This paper examines the impact of strategic alliances on the increment of firm value in the case of Korean firms. For this, we apply an event study using OLS and GARCH market models. The results of our study show that, strategic alliances in Korea produce significant positive abnormal returns before and at the announcement date, indicating an increase in firm value. This firm value augmented by alliance announcements does not have any relationship with firms' growth but has an inverse relationship with firms' sizes. Interestingly, non-technological marketing alliances contribute to increasing firm value more than technological alliances do, regardless of partner firms' nationality. This evidence is contrasted to the cases of firms in advanced countries. Particularly, Korean firms' marketing alliances with firms in advanced G7 countries contribute to largely increasing the firm value of the former. (C) 2012 Elsevier B.V. All rights reserved.
URI
http://hdl.handle.net/YU.REPOSITORY/26728http://dx.doi.org/10.1016/j.jempfin.2012.10.003
ISSN
0927-5398
Appears in Collections:
기초교육대학 > 교양학부 > Articles
Files in This Item:
There are no files associated with this item.
Export
RIS (EndNote)
XLS (Excel)
XML


qrcode

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

BROWSE