Corporate Equity Ownership, Strategic Alliances, And Product Market Relationship  

Oleh:

Allen, Jeffrey W. ; Phillips, Gordon M.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 6 (2000), page 2791-2816.
Topik: PRODUCT MARKET; studies; equity stake; target company; stock prices; financial performance
Fulltext: p 2791.pdf (118.2KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper examines long - term block ownership by corporations and performance changes in firms with corporate block owners. We also examine potential reasons for corporate ownership including benefits in product market relationships, alleviation of financing constraints, and board mnitoring by corporate owners. We find the largest significant increases in target's stock prices, investment, and operating profitability when ownership is combined with aliances, joint venture, and other product market relationships between purchasing and taget firms, especially in industries with high research and development. Our findings are consistent with the conclusio that block ownership by corporations has significant benefits in product market relationships.

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