Alliance Capability, Stock Market Response, and Long Term Alliance Success : The Role of The Alliance Function  

Oleh:

Dyer, Jeffrey H. ; Kale, Prashant ; Singh, Harbir

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 23 no. 8 (2002), page 747-768.
Topik: stock market; alliances; capabilities; alliance success; efficient markets hypothesis

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.9 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper addresses two key questions : 1. what factors influence firms' ability to build alliance capability and enjoy greater alliance success, where firm - level alliance success is measured in two ways : a. abnormal stock market gains following alliance announcements and b. managerial assessments of long term alliance performance, and 2. are the two alternate ways of assessing alliance success correlated ? We find that firms with greater alliance experience and more importantly, those that create a dedicated alliance function (with the intent of strategically coordinating alliance activity and capturing / disseminating alliane - related knowledge) eralize greater success with alliances. More specifically, firms with a dedicated alliance function achieve greater abnormal stock market gains (average of 1,35%) and report that 63 percent of alliances are successful whereas firms without an alliance function achieve much lower stock market gains (average of 0,18%) and only a 50 percent long - term success rate. We also find a ositive correlation between stock market - based measures of allinace success and alliance success measured through managerial assessments. In addition to providing insights into the development of alliance capability among firms, this paper is one of the first to provide empirical support for the efficient markets argument by demonstrating that the initial stock market response to a key event positively correlates to the long - term performance and value of the event.

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