International strategic alliances: stock market responses from dutch firms partnering with EU, US and Japanese firms

Leo Sleuwaegen, Krijn Schep, Gijs Den Hartog and Harry Commandeur
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Harry Commandeur: Vlerick Leuven Gent Management School

Vlerick Leuven Gent Management School Working Paper Series from Vlerick Leuven Gent Management School

Abstract: This paper examines the effect on the market valuation of large Dutch firms following the announcement of forming international strategic alliances (ISAs). These stock market effects are distinguished by type of alliance and country of origin of the partnering firms during the period 1985-1992. While ISAs are generally found to have a positive effect on firms market value, strategically and culturally distant foreign partners generate a strong negative effect on a firms market value. The results underscore the importance of conducting a strategic, operational and cultural audit of the partnering firms and the envisaged partnership. The audit needs to be taken as a starting point in developing the essential co-operation skills to make the alliance work and should become integrated within a comprehensive performance scorecard.

Pages: 26 pages
Date: 2003-02-12
New Economics Papers: this item is included in nep-com and nep-fin
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