Alianzas estratégicas en el sector bancario español que cotiza en bolsa

Nieves García-Casarejos, Nuria Alcalde Fradejas and Manuel Espitia Escuer
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Nieves García-Casarejos: Universidad de Zaragoza
Nuria Alcalde Fradejas: Universidad de Zaragoza
Manuel Espitia Escuer: Universidad de Zaragoza

EKONOMIAZ. Revista vasca de Economía, 2008, vol. 68, issue 02, 264-287

Abstract: Of the variety of relations established between firms, this paper analyses networking structures and organizations in order to determine whether these new links between firms help to create value for their shareholders. Event methodology is applied to a sample of 467 announcements of strategic alliances in which, at least, one of the firms involved was a bank trading on the Madrid Stock Market during 1996-1999. The results obtained show, firstly, that strategic alliances, on average, increase the value of the bank; secondly, that alliances based on formulae involving capital create more value than those alliances that aren’t. Thirdly, that although the results suggest that domestic alliances, on average create value, there is no evidence to show that international alliances, regardless of how the international variable is defined, alter the value of the announcing bank’s shares.

Keywords: value creation; strategic alliances; banking system; event studies; networking organization (search for similar items in EconPapers)
JEL-codes: D74 G14 G21 L14 L24 (search for similar items in EconPapers)
Date: 2008
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