Keywords: joint venture, strategic alliance, technology partnerships, collaboration, market performance, event study
A study of shareholder reaction to technology motivated joint ventures and strategic alliances: strategic and financial perspectives
This paper empirically examines the market reaction to the creation of joint ventures and strategic alliances in general, and to technology motivated joint ventures and strategic alliances, within the British manufacturing industry during the 1994–1999 period. More specifically, the study will examine the motivations for inter-firm linkages and partnership choice from both the strategic management and financial management perspectives. Although the empirical results are mixed in terms of the hypotheses tested, they are consistent with the theoretical arguments presented in strategic management literature.