Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets

Bibliographic Details
Main Author:	Arikan, Asli Musaoglu
Language:	English
Published:	The Ohio State University / OhioLINK 2004
Subjects:	Resource-based view Intangible assets Mergers and Acquisitions Alliances Corporate capabilities Long-run abnormal performance Incomplete contracts and property rights
Online Access:	http://rave.ohiolink.edu/etdc/view?acc_num=osu1086374216

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spelling	ndltd-OhioLink-oai-etd.ohiolink.edu-osu10863742162021-08-03T05:48:57Z Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets Arikan, Asli Musaoglu Resource-based view Intangible assets Mergers and Acquisitions Alliances Corporate capabilities Long-run abnormal performance Incomplete contracts and property rights This dissertation is comprised of in depth analysis on the broader topic of corporate strategy with emphasis of the role of intangible assets: 1) the performance implications of acquiring firms that have highly intangible assets structures; 2) dynamic characteristics as well as outcomes of developing intangible yet valuable corporate level capabilities in relation to managing alliances and acquisitions; 3) theoretical perspective on corporate strategy via a formal model that incorporates property rights theory and the resource based view. The first essay investigates the long-run abnormal performance effects of acquiring intangible versus tangible targets. Intangibility of targets is proxied by multiple measures (i.e. R&D, advertisement and human capital stocks, Tobin's q). Each firm's long-run-abnormal performance is calculated as the excess return to the benchmark portfolio. Results show that on average, acquirers of intangible targets earn negative abnormal returns, whereas acquirers of tangible targets break-even. Existence of asymmetric valuation between the two types of M& activity is tested by regressing short-run returns on the buy-and-hold long-run returns. Results provide evidence for market overreaction to the announcements that involve highly intangible targets. Second essay investigates how long it takes for publicly traded firms within to develop corporate capabilities for conducting alliances and acquisitions effectively. The research reported here relies on a dataset that tracks the behavior of the 3,595 firms that went through an initial public offering in 1988-1999 to show how quickly corporate capabilities developed from the earliest years of firm formation. I conduct an event-study analysis to investigate how the abnormal returns to alliance and acquisition announcements changed as they accumulated experience in conducting deals of each type. The results suggest that firms accumulated capabilities for executing and managing both alliances and acquisitions, and investors came to expect that firms would continue to exploit their specialized capabilities into the future. Third essay provides a theoretical perspective on corporate strategy by integrating the capabilities view with the property rights literature in a formal model. The results suggest that the heterogeneity in corporate strategies is the result of variations in firm-specific capabilities to manage the bundle of incentive mechanisms. 2004-07-19 English text The Ohio State University / OhioLINK http://rave.ohiolink.edu/etdc/view?acc_num=osu1086374216 http://rave.ohiolink.edu/etdc/view?acc_num=osu1086374216 unrestricted This thesis or dissertation is protected by copyright: all rights reserved. It may not be copied or redistributed beyond the terms of applicable copyright laws.
collection	NDLTD
language	English
sources	NDLTD
topic	Resource-based view Intangible assets Mergers and Acquisitions Alliances Corporate capabilities Long-run abnormal performance Incomplete contracts and property rights
spellingShingle	Resource-based view Intangible assets Mergers and Acquisitions Alliances Corporate capabilities Long-run abnormal performance Incomplete contracts and property rights Arikan, Asli Musaoglu Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
author	Arikan, Asli Musaoglu
author_facet	Arikan, Asli Musaoglu
author_sort	Arikan, Asli Musaoglu
title	Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
title_short	Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
title_full	Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
title_fullStr	Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
title_full_unstemmed	Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
title_sort	essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets
publisher	The Ohio State University / OhioLINK
publishDate	2004
url	http://rave.ohiolink.edu/etdc/view?acc_num=osu1086374216
work_keys_str_mv	AT arikanaslimusaoglu essaysoncorporatestrategyevolutionofcorporatecapabilitiesandtheroleofintangibleassets
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Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets

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