Characteristics of inter-firm technological alliances and stock market reactions——Empirical evidence from listed firms in China’s IT industry
Journal: THE INTERNATIONAL JOURNAL OF BUSINESS MANAGEMENT AND TECHNOLOGY (Vol.3, No. 1)Publication Date: 2019-02-28
Authors : Zhi-hong Song Xin-hong Yan Dong-mei Lee;
Page : 139149-149
Keywords : inter-firm technological alliances; abnormal returns; stock market reactions; technological alliance announcements;
Abstract
Inter-firm alliances have been regarded as an effective mechanism for acquiring specialized complementary assets and achieving synergies. Although previous literatures have provided important insights on inter-firm technology alliances, few scholars have paid attention to the impact of types of R&D alliances, business similarity and relative size on the value creation for focal firms. Taking the listed firms involved in technological alliances in China's IT industry as the sample, the article empirically investigated the impact of technological alliance announcements, and characteristics inter-firm technological alliances on the abnormal returns for focal firms is empirically discussed. The results show that technological alliance announcements may increase the abnormal returns for focal firms, and technological alliance announcements by relatively smaller firms can significantly increase their abnormal returns. While the declaration of the technological alliances of firms in similar industries have a significant impact on abnormal returns, while the declaration of dissimilar firms has an insignificant impact on abnormal returns.
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Last modified: 2019-09-03 21:39:08