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The Effect of International Strategic Alliances on Firm Performance before and after the Global Financial Crisis

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  • Doowon Ryu
  • Maria H. Kim
  • Doojin Ryu

Abstract

This study examines how the 2008 global financial crisis (GFC) influenced the way international strategic alliances (ISAs) impact firm performance. We divide our sample of Korean listed firms into pre-GFC and post-GFC period groups and construct a regression model using return on equity and return on assets as dependent variables. Our empirical results demonstrate that the impacts differ across ISA types and are subject to market conditions. In unstable market circumstances, the demand for ISAs through licensing increases substantially, indicating that licensing has a more positive impact on firm performance than joint ventures or R&D alliances have.

Suggested Citation

  • Doowon Ryu & Maria H. Kim & Doojin Ryu, 2019. "The Effect of International Strategic Alliances on Firm Performance before and after the Global Financial Crisis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 55(15), pages 3539-3552, December.
    • Handle: RePEc:mes:emfitr:v:55:y:2019:i:15:p:3539-3552
    DOI: 10.1080/1540496X.2019.1664466
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    Cited by:

    1. Chung, Hae Jin & Jhang, Hogyu & Ryu, Doojin, 2023. "Impacts of COVID-19 pandemic on corporate cash holdings: Evidence from Korea," Emerging Markets Review, Elsevier, vol. 56(C).
    2. Parnell, John A., 2021. "An Ounce of Prevention: What Promotes Crisis Readiness and How Does It Drive Firm Performance?," American Business Review, Pompea College of Business, University of New Haven, vol. 24(1), pages 90-113, May.

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