학술논문
Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Strategic Alliances
이용수 28
- 영문명
- 발행기관
- 한국무역학회
- 저자명
- Hang-Jin Yang Si-Hyun Kim Se-Won Kim Dal-Won Kang
- 간행물 정보
- 『Journal of Korea Trade (JKT)』Vol.23 No.6, 145~158쪽, 전체 14쪽
- 주제분류
- 경제경영 > 무역학
- 파일형태
- 발행일자
- 2019.10.31
4,480원
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국문 초록
영문 초록
Purpose - Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value.
Design/methodology - To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis.
Findings - This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms’ stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors’ expectations were higher with new partners and new alliances than with old partners.
Research Implications - A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times.
Originality/value - This study analyzed partner volatility on relevant companies’ stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.
목차
1. Introduction
2. Empirical Framework and Hypothesis
3. Methodology
4. Data Analysis and Results
5. Discussion and Implications
6. Conclusion
References
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