| Summary: | 碩士 === 銘傳大學 === 會計學系碩士班 === 95 === The study analyzed 523 strategic alliances in Taiwan electronics industry formed during the period 2001-2005. Using event study methodology, we found that announcements of strategic alliances from different life cycle stage firms enjoyed different abnormal returns in the stock market. In addition, consistent with our expectation, abnormal returns were positively correlated with firms with cluster effect and alliance forms, indicating that investors perceived to be more profitable, furthermore, firms with cluster effect captures more of the gain generated in alliance. Indeed, the firms in different life cycle stages and different alliances appeared to affect the investors’ expectation.
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