Alliance with a Rival’s Partner and Firm Performance: Focused on the US Software industry
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Alliance with a rival’s partner is not uncommon in the real business world. However, less attention has been paid to an alliance with a rival’s partner leaving the nature of such an alliance understudied. This study attempts to fill the void by exploring the value creation implication of an alliance with a rival’s partner. Event study results of 1,332 alliances of the 63 US software companies between 1995 and 2005 shows that alliances with rivals’partners are associated with higher cumulative abnormal return than alliances that do not involve rivals. We also found that the effects of alliances with a rival’s partner decline when the rival has a similar resource profile with a focal firm and when the rival is high performing. This study contributes to the literature on strategic alliances and competitive dynamics. Additionally, it advances our understanding of the performance outcomes regarding the relational dynamics among the focal firm, its rival, and their common partner.
Abstract
Alliance with a rival’s partner is not uncommon in the real business world. However, less attention has been paid to an alliance with a rival’s partner leaving the nature of such an alliance understudied. This study attempts to fill the void by exploring the value creation implication of an alliance with a rival’s partner. Event study results of 1,332 alliances of the 63 US software companies between 1995 and 2005 shows that alliances with rivals’partners are associated with higher cumulative abnormal return than alliances that do not involve rivals. We also found that the effects of alliances with a rival’s partner decline when the rival has a similar resource profile with a focal firm and when the rival is high performing. This study contributes to the literature on strategic alliances and competitive dynamics. Additionally, it advances our understanding of the performance outcomes regarding the relational dynamics among the focal firm, its rival, and their common partner.
참고문헌 (91)
- Bae J, "Partner substitutability, alliance network structure, and firm profitability in the telecommunications industry", Academy of Management Journal, 47, pp.843~859 (2004)
- Bascle G., "Controlling for endogeneity with instrumental variables in strategic management research", Strategic Organization, 6, pp.285~327 (2008)
- Baum JAC, "Advances in Strategic Management", pp.119~156 (2003), JAI
- Baum JAC, "Dancing with strangers : Aspiration performance and the search for underwriting syndicate partners", Administrative Science Quarterly, 50, pp.536~575 (2005)
- Bengtsson M, "Coopetition-Quo vadis? Past accomplishments and future challenges", Industrial Marketing Management, 43, pp.180~188 (2014)
- Brandenburger AM, "Co-opetition" (1996), Bantam Doubleday Dell Publishing Group
- Brown SJ, "Using daily stock returns : The case of event studies", Journal of Financial Economics, 14, pp.3~31 (1985)
- Burt RS., "Structural Holes: The Social Structure of Competition" (1992), Harvard University Press
- Capron L, "Competitors' resource-oriented strategies : Acting on competitors' resources through interventions in factor markets and political markets", Academy of Management Review, 33, pp.97~121 (2008)
- Chan SH, "Do strategic alliances create value?", Journal of Financial Economics, 46, pp.199~221 (1997)
- Caner T, "Firm heterogeneity in complex problem solving : A knowledge-based look at invention", Strategic Management Journal, 38, pp.1791~1811 (2017)
- Certo ST, "Sample selection bias and Heckman models in strategic management research", Strategic Management Journal, 37, pp.2639~2657 (2016)
- Chen EL, "Life in the fast lane : Origins of competitive interaction in new vs. established markets", Strategic Management Journal, 31, pp.1527~1547 (2010)
- Chen MJ., "Competitor analysis and interfirm rivalry : Toward a theoretical integration", Academy of Management Review, 21, pp.100~134 (1996)
- Chen MJ, "Action characteristics as predictors of competitive responses", Management Science, 38, pp.439~455 (1992)
- Chen MJ, "Competitive Tension : The awareness-motivationcapability perspective", Academy of Management Journal, 50, pp.101~118 (2007)
- 최정혁, "국내 은행산업에서의 외국인 비용 유발 요인과 결과: 기업특유우위의 조절효과를 중심으로", 전략경영연구, 19(3), pp.27~53 (2016), 한국전략경영학회[DOI]
- Collis DJ., "A resource-based analysis of global competition : The case of the bearings industry", Strategic Management Journal, 12, pp.49~68 (1991)
- Contractor FJ, "Cooperative Strategies in International Business", pp.3~30 (1988), Lexington Books
- Corredoira RA, "Should auld acquaintance be forgot? The reverse transfer of knowledge through mobility ties", Strategic Management Journal, 31, pp.159~181 (2010)
- Cui V, "Attacking your partners : Strategic alliances and competition between partners in product markets", Strategic Management Journal, 39, pp.3116~3139 (2018)
- Das S, "Impact of strategic alliances on firm valuation", Academy of Management Journal, 41, pp.27~41 (1998)
- Das TK, "Instabilities of strategic alliances : an internal tensions perspective", Organization Science, 11, pp.77~101 (2000)
- Derfus PJ., "The red queen effect : competitive actions and firm performance", Academy of Management Journal, 51, pp.61~80 (2008)
- Gimeno J., "Competition within and between networks : The contingent effect of competitive embeddedness on alliance formation", Academy of Management Journal, 47, pp.820~842 (2004)
- Gnyawali DR, "Co-opetition and technological innovation in small and medium-sized enterprises : A multilevel conceptual model", Journal of Small Business Management, 47, pp.308~330 (2009)
- Gulati R., "Social structure and alliance formation patterns : A longitudinal analysis", Administrative Science Quarterly, 40, pp.619~652 (1995)
- Gulati R, "Where do interorganizational networks come from?", American Journal of Sociology, 104, pp.1439~1493 (1999)
- Gulati R, "The nature of partnering experience and the gains from alliances", Strategic Management Journal, 30, pp.1213~1233 (2009)
- Hagedoorn J, "The effect of mergers and acquisitions on the technological performance of companies in a high-tech environment", Technology Analysis and Strategic Management, 13, pp.67~85 (2002)
- 한경수, "해외자회사 CEO의 본사파견 여부가 해외자회사의 성과에 미치는 영향: 한국진출 외국인투자 제조기업을 중심으로", 국제경영연구, 30(3), pp.49~77 (2019), 한국국제경영학회[DOI]
- Heckman JJ., "Sample selection bias as a specification error", Econometrica : Journal of the Econometric Society, 47, pp.153~161 (1979)
- Hitt MA, "Partner selection in emerging and developed market contexts : Resource-based and organizational learning perspectives", Academy of Management Journal, 43, pp.449~467 (2000)
- Hoffmann W, "The interplay of competition and cooperation", Strategic Management Journal, 39, pp.3033~3052 (2018)
- Hult GT, "Knowledge as a strategic resource in supply chains", Journal of Operations Management, 24, pp.458~475 (2006)
- 현재훈, "국제 합작투자 파트너선정의 기준과 제휴성과에 관한 실증연구", 국제경영연구, 23(3), pp.37~60 (2012), 한국국제경영학회
- Kale P, "Alliance capability, stock market response, and long-term alliance success : The role of the alliance function", Strategic Management Journal, 23, pp.747~767 (2002)
- Katz M., "An analysis of cooperative research and development", RAND Journal of Economics, 17, pp.527~543 (1986)
- Katz M, "Microeconomics", pp.137~203 (1990), Brookings Institution Press
- Kim, K. H., "Cooperative or competitive in alliance formation : Alliance patterns with respect to rivals", Canadian Journal of Administrative Science, 34(3), pp.277~290 (2017)
- Kim KH, "Social comparison among competing firms", Strategic Management Journal, 33, pp.115~136 (2012)
- Kim KH, "Effects of corporate social responsibility on corporate financial performance : A competitive-action perspective", Journal of Management, 44, pp.1097~1118 (2018)
- Lavie D., "Alliance portfolios and firm performance : A study of value creation and appropriation in the U. S. software industry", Strategic Management Journal, 12, pp.1187~1212 (2007)
- Lavie D, "The performance implications of timing of entry and involvement in multipartner alliances", Academy of Management Journal, 50, pp.578~604 (2007)
- Lazzarini SG., "The impact of membership in competing alliance constellations : Evidence on the operational performance of global airlines", Strategic Management Journal, 28, pp.345~367 (2007)
- Li E, "Market reaction surrounding the filing of periodic SEC reports", Accounting Review, 84, pp.1171~1208 (2009)
- Lin ZJ, "Alliance partners and firm performance : Resource complementarity and status association", Strategic Management Journal, 30, pp.921~940 (2009)
- Madhavan R, "Two's company, three's a crowd? Triads in cooperative-competitive networks", Academy of Management Journal, 47, pp.918~927 (2004)
- Marcel JJ, "The influence of executive cognition on competitive dynamics", Strategic Management Journal, 32, pp.115~138 (2011)
- Markman GD, "Factor-market rivalry", Academy of Management Review, 34, pp.423~441 (2009)
- McWilliams A, "Event studies in management research : Theoretical and empirical issues", Academy of Management Journal, 40, pp.626~657 (1997)
- Miller D, "The resource-based view of the firm in two environments : The Hollywood film studios from 1936 to 1965", Academy of Management Journal, 39, pp.519~543 (1996)
- Miller D, "When is human capital a valuable resource? The performance effects of Ivy League selection among celebrated CEOs", Strategic Management Journal, 36, pp.930~944 (2015)
- Murray MP., "Avoiding invalid instruments and coping with weak instruments", The Journal of Economic Perspectives, 20, pp.111~132 (2006)
- Oxley JE, "Arms race or détente? How interfirm alliance announcements change the stock market valuation of rivals", Management Science, 55, pp.1321~1337 (2009)
- Oxley JE, "The scope and governance of international R&D aliances", Strategic Management Journal, 25, pp.723~749 (2004)
- 박종훈, "국제적 제휴와 기업가치에의 효과", 국제경영연구, 16(3), pp.1~25 (2005), 한국국제경영학회
- Park NK, "Before and after the technology sector crash : The effect of environmental munificence on stock market response to alliances of e-commerce firms", Strategic Management Journal, 26, pp.987~1007 (2005)
- Park SH, "Firm heterogeneity and competitive dynamics in alliance formation", Academy of Management Review, 30, pp.531~554 (2005)
- Peteraf MA., "Intra-industry structure and response toward rivals", Managerial and Decision Economics, 14, pp.519~528 (1993)
- Pfeffer J, "The External Control of Organization" (1978), Harper &Row
- Ployhart RE, "The consequences of human resource stocks and flows : A longitudinal examination of unit service orientation and unit effectiveness", Academy of Management Journal, 52, pp.996~1015 (2009)
- Porac JF, "Rivalry and the industry model of Scottish knitwear producers", Administrative Science Quarterly, 40, pp.203~227 (1995)
- Porter, ME, "The structure within industries and companies’performance", Review of Economics and Statistics, 61, pp.214~227 (1979)
- Sampson RC., "R&D alliances and firm performance : The impact of technological diversity and alliance organization on innovation", Academy of Management Journal, 50, pp.364~386 (2007)
- Saxton T., "The effects of partner and relationship characteristics on alliance outcomes", Academy of Management Journal, 40, pp.443~461 (1997)
- Schilling MA., "Technology shocks, technological collaboration, and innovation outcomes", Organization Science, 26, pp.668~686 (2015)
- Schmalensee R, "Handbook of Industrial Organization Vol1" (1989), North-Holland
- Sears J, "Technological overlap, technological capabilities, and resource recombination in technological acquisitions", Strategic Management Journal, 35, pp.48~67 (2014)
- Semadeni M, "The perils of endogeneity and instrumental variables in strategy research : Understanding through simulations", Strategic Management Journal, 35, pp.1070~1079 (2014)
- Shea J., "Instrument relevance in multivariate linear models : A simple measure", Review of Economics and Statistics, 79, pp.348~352 (1997)
- Silverman BS, "Alliance-based competitive dynamics", Academy of Management Journal, 45, pp.791~806 (2002)
- Sirmon D, "Creating wealth in family business through managing resources", Entrepreneurship Theory & Practice, 27, pp.339~358 (2003)
- Testing for weak instruments in linear IV regression, "Stock JH", National Bureau of Economic Research, ~, pp.NBER technical working paper 284 (2002)
- Swaminathan V, "Marketing alliances, firm networks, and firm value creation", Journal of Marketing, 73, pp.52~69 (2009)
- Sytch M, "Friends and foes : The dynamics of dual social structures", Academy of Management Journal, 57, pp.585~613 (2014)
- Tong TW, "Competitive consequences of interfirm collaboration : How joint ventures shape industry profitability", Journal of International Business Studies, 41, pp.1056~1073 (2010)
- Tortoriello M, "Activating cross-boundary knowledge : The role of Simmelian ties in the generation of innovations", Academic Management Journal, 53, pp.167~181 (2010)
- Uhlenbruck K, "Rivals’reactions to mergers and acquisitions", Strategic Organization, 15, pp.40~66 (2017)
- Upson JW, "Competitor analysis and foothold moves", Academy of Management Journal, 55, pp.93~110 (2012)
- Vasudeva G, "Unpacking absorptive capacity : A study of knowledge utilization from alliance portfolios", Academy of Management Journal, 54, pp.611~623 (2011)
- Vidal E, "Virtuous or vicious cycles? The role of divestitures as a complementary Penrose effect within resource-based theory", Strategic Management Journal, 39, pp.131~154 (2018)
- Wang L, "Alliance or acquisition? A dyadic perspective of interfirm resource combinations", Strategic Management Journal, 28, pp.1291~1317 (2007)
- Wassmer U, "Network resource stocks and flows : How do alliance portfolios affect the value of new alliance formations?", Strategic Management Journal, 33, pp.871~883 (2012)
- Yang H, "Exploration or exploitation? Small firms' alliance strategies with large firms", Strategic Management Journal, 35, pp.146~157 (2014)
- Yang H, "Asymmetric learning capabilities and stock market returns", Academy of Management Journal, 58, pp.356~374 (2015)
- 윤석준, "제휴 포트폴리오가 기업성과에 미치는 영향에 대한 연구: 자원과 교섭력의 상호작용 관점에서", 국제경영연구, 26(2), pp.63~97 (2015), 한국국제경영학회[DOI]
- Young G, "Multimarket contact and resource dissimilarity : A competitive dynamics perspective", Journal of Management, 26, pp.1217~1236 (2000)
- You H, "Financial reporting complexity and investor underreaction to 10-K information", Review of Accounting Studies, 14, pp.559~586 (2009)
- Zaheer, S, "Overcoming the liability of foreignness", Academy of Management Journal, 38, pp.341~363 (1995)
- Zhang Y, "When the known devil is better than an unknown god : An empirical study of the antecedents and consequences of relay CEO successions", Academy of Management Journal, 47, pp.483~500 (2004)
