تاثیر اتحاد استراتژیک بر ارزش بازار شرکت های ارتباطات از راه دور

This paper analyzes the impact of 130 strategic alliance announcements involving European telecommunications firms on capital markets. We use the event study methodology. We define the event as the public announcement of an alliance initiative by a firm in the media. Specifically, the data was collected from alliance-related news items posted in the Press Release pages in corporate websites. Our findings indicate that investors appreciate the importance of alliance initiatives by European telecommunications firms, and this is reflected in their effect on the volatility of share prices surrounding announcement date. In view of the null effect of alliances on returns, however, it would seem that the expectations generated in the market are mixed.

Defined as voluntary collaborative agreements between firms involving the exchange, sharing and co-development of products, services and knowledge, alliances have become a critical strategy in all industries, overtaking mergers and acquisitions in terms of both results and the number and scope of agreements (Gulati, 1998, Park et al., 2004 and Parkhe, 1993). The characteristics of individual business sectors usually determine which resources are critical to create competitive advantage and firm value, and the importance of alliances therefore depends on the industry concerned (Hagedoorn, 1993 and Harrigan, 1985).