Asia pacific journal of information systems

  • 제14권1호
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  • Pages.1-21
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  • 2004
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  • 2288-5404(pISSN)
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  • 2288-6818(eISSN)
한국경영정보학회 (The Korea Society of Management Information Systems)
권호 표지

온라인 벤처기업의 전략적 제휴에 대한 공시가 기업가치에 미치는 영향

The Impact of Strategic Alliance Announcements of On-line Venture Firms on their Market Value

  • 발행 : 2004.03.31
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초록

Recently, many internet firms have opted the strategic alliances with other on/off-line firms in order to gain and sustain their competitive advantages. Previous research on market reaction to such alliances, however, shows mixed results. Therefore, the purpose of this thesis is to analyze the announcement effects of the alliances among internet firms in the stock market. Focusing on on-line firms that have been outside the scope of previous research, this study applied the event study methodology and examined the cumulative abnormal returns(CAR) for 245 alliance announcements between October 1998 and May 2002. Further, this study conducted a survey to categorize various types of announcements and 40 usable returns has been analyzed. The notable results from this study include: 1) The strategic alliances announcements do not have statistically positive effects on stock prices of the announcing firms. 2) Contrary to the results of the previous research, the CARs associated with marketing alliances are higher than those with technology alliances. 3) The degree of fitness among firms' disposition, their alliance purpose, and alliance type chosen influences the performance of their alliances.

키워드

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