Engaging in multiple strategic alliances, a firm forms an alliance portfolio. While a larger alliance portfolio signals investors a firm's ability to exploit new opportunities and improve financial performance, having multiple alliances may also undermine financial performance due to a firm's limited ability to effectively manage these alliances. Announcing an alliance termination, a firm signals an intention to increase the effectiveness of a larger alliance portfolio. This article examines the extent to which alliance termination announcements create value for firms with multiple alliances. Building on the resource-based view of the firm and organizational learning literature, the paper hypothesizes a U-shaped relationship between alliance portfolio size and a firm's cumulative abnormal stock return following an alliance termination announcement. This effect is moderated by the amount of a firm's alternative resources and partner-specific experience that affect its ability to effectively manage multiple alliances. The results show that alliance termination announcements create firm value when an alliance portfolio is large.

参与多个战略联盟，一个公司形成一个联盟组合。虽然更大的联盟投资组合向投资者表明公司有能力利用新机会和改善财务业绩，但由于公司有效管理这些联盟的能力有限，拥有多个联盟也可能损害财务业绩。宣布联盟终止，公司表示有意提高更大联盟组合的有效性。本文考察了联盟终止公告为拥有多个联盟的公司创造价值的程度。基于企业和组织学习文献的基于资源的观点，本文假设联盟投资组合规模与企业之间存在 U 型关系。s 联盟终止公告后的累积异常股票回报。这种影响受到影响其有效管理多个联盟能力的公司替代资源和特定于合作伙伴的经验的数量的调节。结果表明，当联盟投资组合很大时，联盟终止公告会创造公司价值。