How does strategic competition affect firm value? The case of international strategic alliance

• Main Authors: Fang-Ni Yang, 楊芳妮
• Other Authors: Shao-Chi Chang
• Format: Others
• Language: zh-TW
• Published: 2003
• Online Access: http://ndltd.ncl.edu.tw/handle/28017560683442444609

碩士 === 國立成功大學 === 國際企業研究所碩博士班 === 91 === We examine the role of strategic interaction in analyzing the valuation effect of international strategic alliance announcements. We employ Sundaram, John, and John’s (1996) competitive strategic measure (CSM) to operationalize a firm’s competitive interaction. We use a sample of international strategic alliance announcements during 1989 to 2000. We find announcing firms’ stock price response is positively related to the announcement；on the contrary, industry rivals’ stock price response is negatively related to the announcement. We also find that industry rivals competing in strategic substitutes experience a more negative announcement effect than those rivals competing in strategic complements.