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The impact of M&A and joint ventures on the value of IT and non-IT firms
- Authors
- Lee, Sang-Yong Tom; Lim, Kim Seng
- Issue Date
- Sep-2006
- Publisher
- Western Academic Publishers
- Keywords
- Event study; IT firms; Non-IT firms; Strategic alliances
- Citation
- Review of Quantitative Finance and Accounting, v.27, no.2, pp 111 - 123
- Pages
- 13
- Indexed
- SCOPUS
- Journal Title
- Review of Quantitative Finance and Accounting
- Volume
- 27
- Number
- 2
- Start Page
- 111
- End Page
- 123
- ISSN
- 0924-865X
1573-7179
- Abstract
- This paper aims to study and provide empirical evidence on the impact of mergers and acquisitions (M&A) and joint ventures on the value of IT and non-IT firms. Using the event study methodology, we investigate the effect of such strategic alliance announcements on firm value in a sample of 170 firms. The results show that such strategic alliance announcements create significant gains in firm value. When the sample is divided into IT and non-IT firms, we find stronger support for positive impact on gains in firm value among non-IT firms than among IT firms. We also find that the smaller strategic alliance partners perform better than their larger partners. However, we fail to find any significant difference in impact on firm value between merger/acquisition and joint venture announcements.
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Related Researcher
- Lee, Sang-Yong Tom
- SCHOOL OF BUSINESS (SCHOOL OF BUSINESS ADMINISTRATION)