اثر ارزیابی حاکمیت شرکتی بر ثروت سهامداران: شواهدی از اتحاد استراتژیک

This study aims to investigate the critical debate in corporate governance research concerning the boundary of the efficacy of the corporate governance mechanism. With particular focus on a specific set of firms' primary stakeholders, strategic alliance partners, our research design facilitates the examination of this issue. The results show a significantly positive association between a firm's corporate governance quality and the gains of its alliance partners. The proposition that firms with good governance more greatly value the interests of stakeholders whose devotion is critical is further supported by our findings of significantly positive moderating effects of the following three factors: a firm's growth potential, its business relatedness with its counterparts, and the activity types that the alliance encompasses (technical versus non-technical). Our research results suggest that firms, and thus shareholders, would economically benefit from managing their stakeholder relationships in a manner that positively affects firm prospects and shareholder wealth.