The Wealth Effect of Cooperation Experience on Strategic Alliance – the Moderating Role of Firm Size and Industry

• Main Authors: Huai-Wen Chang, 張懷文
• Other Authors: 陳忠仁
• Format: Others
• Language: en_US
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/41358150042248236394

碩士 === 國立臺灣大學 === 商學研究所 === 98 === The main objective of this research is to investigate the wealth effect of cooperation experience on strategic alliances. This research run an empirical study, focus on China context to test the universal applicability of previous researches. The final sample contains 285 alliances formed by at least one Chinese listed company, among all these alliances, 166 of them are experienced ones, and 119 are in-experienced ones. This research followed typical event study method, use the abnormal return generated from CAPM as the measurement of the alliances expected performance. The result shows positive wealth effect of inter-firm cooperation experience on strategic alliances. Furthermore, the result shows those firms with larger firm size or within the high-tech industry benefit more from those experience effect.