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Does Partner Volatility Have Firm Value Relevance? An Empirical Analysis of Strategic Alliances
Journal of Korea Trade ( IF 0.273 ) Pub Date : 2019-10-31 , DOI: 10.35611/jkt.2019.23.6.145
Hang-Jin Yang , Si-Hyun Kim , Se-Won Kim , Dal-Won Kang

Purpose – Alliance members have constantly revised market strategies over time by withdrawing membership from a current alliance, joining another alliance, or constructing a new alliance. From the perspective of the signaling effect, the purpose of this study is to analyze the impacts of partner volatility (new member, old member, and new group) on firm value. Design/methodology – To analyze the impact of partner volatility on firm value, companies in strategic alliances are classified into the three groups of new partner, existing partner, and new alliance, and the effects on company value are verified through an event study and the signaling effect analysis. Findings – This study proved that new partners and newly formed strategic alliances have higher expectation effects than old partner company groups, and have a more positive effect on the relevant firms’ stock prices. In addition, the result of the study showed the same valid results as the alliance levels, and showed that investors’ expectations were higher with new partners and new alliances than with old partners. Research Implications – A new perspective on the signaling effects of strategic alliances among shipping lines was presented in this study by grouping alliance types including new member, old member, and new group. The results provide useful insights for selecting partners and firm values of alliance announcement times. Originality/value – This study analyzed partner volatility on relevant companies’ stock prices from the perspective of investors from the global shipping conference reorganization in 2017. Strategic alliances were classified into the three categories of new partner, old partner, and new alliance, and the effects on firm value were verified.

中文翻译:

合作伙伴波动是否与公司价值相关?战略联盟的实证分析

目的–随着时间的推移,联盟成员不断修改市场策略,方法是退出当前联盟的成员资格,加入另一个联盟或建立新的联盟。从信号效应的角度出发,本研究的目的是分析合伙人波动(新成员,旧成员和新团队)对公司价值的影响。设计/方法论–为了分析合作伙伴波动对公司价值的影响,将战略联盟中的公司分为新伙伴,现有合作伙伴和新联盟三组,并通过事件研究和对公司价值的影响进行验证信号作用分析。研究结果–研究证明,新的合作伙伴和新成立的战略联盟比旧的合作伙伴公司集团具有更高的预期效果,对相关公司的股价有更积极的影响。此外,研究结果显示出与联盟水平相同的有效结果,并且表明与新伙伴和新伙伴相比,投资者的期望更高。研究意义–通过对联盟类型进行分组,包括新成员,旧成员和新组,提出了关于航运公司之间战略联盟的信号效应的新观点。结果为选择合作伙伴和确定联盟宣布时间的公司价值提供了有用的见解。独创性/价值–这项研究从2017年全球航运会议重组的投资者角度分析了合作伙伴对相关公司股价的波动性。
更新日期:2019-10-31
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