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Research On The Relationship Between Inter-firm Technology Alliance Characteristics And Stock Market Reaction

Posted on:2018-02-23Degree:MasterType:Thesis
Country:ChinaCandidate:X F CheFull Text:PDF
GTID:2359330521450212Subject:Technical Economics and Management
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Alliances are often viewed as incomplete contracts and can be defined as voluntary arrangements between firms for the exchange,sharing,or co-development of products,technologies or services.In an increasingly competitive market,the technology alliance between firms can improve their competitive advantage.Recently,with more and more firms acquire complementary resources and capabilities by inter-organizational coordination,it's common for firms to cooperate with each other,which has been an important method to create value.Therefore,scholars still focus on the way and the factors to influence the value creation.We choose listed companies in the domestic information technology industry during 2010 ~2014 as focal firms,investigate the influence of the technical alliance announcement,the characteristics of firms and alliances on the abnormal return.The results show that:(1)the announcement-period cumulative abnormal returns are positive and significantly different from zero,which means that the announcement of technology alliance can increase the abnormal return of focal firms surrounding the announcement date.(2)There is no significant difference between the exploitative and exploratory alliance at the traditional significance level,which means that different types of announcements have no impact on the stock market.(3)The level of business similarity has no influence on the value creation of firms.(4)Relatively smaller companies have a greater abnormal return on alliance announcements.Different with previous research,this paper study the bilateral characteristics of the alliance of the focal firms,and analyze the influence of the type of the technology alliance,the relative size and the similarity of the business on the abnormal return rate of the focal firms.The aim is to enrich the research on technology alliances and provide a reference for managers to choose partners and develop business strategies to improve business performance.
Keywords/Search Tags:Technology alliance, Business similarity, Relative size, Type of alliance, Abnormal return
PDF Full Text Request
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