전략적 제휴가 기업가치에 미치는 영향에 관한 연구 = A Study on Impact of Strategic Alliance on Firm Valuation

다국어 초록 (Multilingual Abstract)

This study examined the stock market`s reaction to public announcements of strategic alliances without wealth transfers. Tested were three alternative hypotheses concerning the market`s reaction to them. To examine the value implication of a firm-specific announcement in the stock market, the event study was implemented, which has been commonly used in financial studies. And the sample data set was constituted of 188 alliance announcements selected by the rigorous sample refining process from 462 announcements which were reported during the period 1996-98 by three economic newspapers(in KINDS database). We found that the stock market has appeared to be indifferent to the announcements of strategic alliances(Hypothesis 1). However, the announcements of technological alliances have enjoyed greater abnormal returns from stock market than those of marketing alliances(Hypothesis 2). And the stock market has shown more reactions to smaller firms` alliances(Hypothesis 3).