臺灣博碩士論文加值系統

Most　studies　on　strategic　alliances　have　focused　on　specific　issues　relating　to　strategic　alliance　formation　and　its　valuation　implication.　　Less　is　known,　however,　about　strategic　alliance　termination　which　is　equally　valuable　in　understanding　the　net　benefits　firms　obtain,　or　fail　to　obtain　from　partnering.　　Using　real　options　perspective　and　the　dynamics　of　market　entry　and　exit　decisions,　this　paper　examines　the　circumstances　under　which　strategic　alliance　terminations　create　value　for　the　shareholders　of　the　partnering　firms.　　Specifically,　this　study　identifies　the　reason　for　termination　as　well　as　the　consent　to　terminate　as　factors　that　can　affect　termination　outcome.　　The　findings　show　that　strategic　alliance　termination　may　not　often　be　detrimental　to　parent　firms.　　This　study　suggests　that　terminating　an　alliance　as　a　means　of　exploiting　emerging　opportunities　creates　shareholder　value　while　terminating　an　alliance　as　a　means　of　sequential　adaptation　dissipates　value　because　the　market　perceives　the　unexpected　termination　as　a　signal　of　instability　or　alliance　failure　rather　than　as　an　act　of　sequential　adaptation　by　parent　firms.　　In　addition,　this　study　also　suggests　that　mutual　consent　of　the　parties　to　terminate　the　alliance　alleviate　the　negative　effects　of　terminating　an　alliance.　　Furthermore,　this　study　illustrates　that　parent　firms’　performance　consequences　from　forming　and　terminating　an　alliance　are　generally　complementary　in　nature.

ACKNOWLEDGMENT．．．．．．．．．．．．．．．． IV
ABSTRACT ．．．．．．．．．．．．．．．．．．． V
TABLE　OF　CONTENTS．．．．．．．．．．．．．．VI
LIST　OF　TABLES．．．．．．．．．．．．．． VIII
CHAPTER　ONE　INTRODUCTION．．．．．．．．．．．1
1.1　Background　of　the　Study．．．．．．．． 1
1.2　Motivation．．．．．．．．．．．．．．．． 2
1.3　Objectives　and　Contributions．．．．．． 4
1.4　Research　Procedure．．．．．．．．．．．．．．．．．．． 6
1.5　Structure　of　the　Study．．．．．．．．．7
CHAPTER　TWO　LITERATURE　REVIEW　AND　HYPOTHESES．．．．．．．．．．．．．．．．．．．8
2.1　Strategic　Alliance　Formation．．．．．． 8
2.2　Strategic　Alliance　Termination．．．．． 9
2.3　Hypotheses　Development ．．．．．．．．．12
2.3.1　Effect　of　Reason　for　Termination　on　Termination　Outcome．．．．．．．．．．．．． 13
2.3.2　Effect　of　Mutual　Consent　on　Termination　Outcome．．．．．．．．．．．．． 22
2.3.3　Relationship　of　Strategic　Alliance　Formation　and　Termination．．．．．．．．．．25
CHAPTER　THREE　SAMPLE　DESIGN　AND　METHODOLOGY．．．．．．．．．．．．．．．．．．28
3.1　Samples．．．．．．．．．．．．．．．．． 28
3.2　Independent　Variable．．．．．．．．．． 31
3.3　Dependent　Variables．．．．．．．．．．．31
3.4　Control　Variables．．．．．．．．．．．．33
3.5　Regression　Models．．．．．．．．．．．．34
CHAPTER　FOUR　RESULTS．．．．．．．．．．．． 38
4.1　Empirical　Tests　of　Abnormal　Returns． 38
4.2　Descriptive　Statistics　and　Correlation　of　Variables．．．．．．．．．．．．．．．．．．43
4.3　Regression　of　Cumulative　Abnormal　Returns　(CAR0,1)．．．．．．．．．．．．．．．．．． 44
CHAPTER　FIVE　DISCUSSION　AND　CONCLUSION．． 50
5.1　Discussion．．．．．．．．．．．．．．．．50
5.2　Conclusion．．．．．．．．．．．．．．．．53
5.3　Limitation．．．．．．．．．．．．．．．．55
5.4　Suggestions　for　Future　Research．．．．55
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