Alianzas estratégicas en el sector bancario español que cotiza en bolsa
Of the variety of relations established between firms, this paper analyses networking structures and organizations in order to determine whether these new links between firms help to create value for their shareholders. Event methodology is applied to a sample of 467 announcements of strategic alliances in which, at least, one of the firms involved was a bank trading on the Madrid Stock Market during 1996-1999. The results obtained show, firstly, that strategic alliances, on average, increase the value of the bank; secondly, that alliances based on formulae involving capital create more value than those alliances that aren’t. Thirdly, that although the results suggest that domestic alliances, on average create value, there is no evidence to show that international alliances, regardless of how the international variable is defined, alter the value of the announcing bank’s shares.
Volume (Year): 68 (2008)
Issue (Month): 02 ()
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