A Study on Impact of Korean Firm s International Technology Alliance on Firms Value

• 영문명: A Study on Impact of Korean Firm s International Technology Alliance on Firms Value
• 발행기관: 한국무역연구원
• 저자명: Jae-Jin Kim Byoung-Goo Kim
• 간행물 정보: 『무역연구』제10권 제2호, 331~359쪽, 전체 28쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.04.30

영문 초록

To achieve and sustain competitive advantage, many Korean firms have entered into strategic alliances with other firms, especially technologically-advanced foreign companies. Previous research on market reaction to such alliances, however, shows mixed results. Therefore, the purpose of this thesis is to analyze the effects of the announcement of alliances among established firms in the stock market. Focusing on international strategic technology alliance, this study applied the event study approach and examined the cumulative average abnormal returns (CAAR) for 70 announcements of alliances between Korean firms and foreign firms from 1999 to 2004. This study also aims to determine if research and development (R&D) activities have any influence on company value. Results showed that when Korean firms entered into a technology alliance, the more previous experiences and the lower the partner s country risk, the greater the firm value that is enjoyed. The information technology (IT) industry is more positively influenced by the announcements compared with the automobile and petrochemical industries.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Data and Methodology

Ⅳ. Results

Ⅴ. CONCLUSION

키워드

International technology alliance Firm value Event study R&D