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| Author: | Park, N.K. Mezias, J.M. |
| Title: | Before and after the technology sector crash: the effect of environmental munificence on stock market response to alliances of e-commerce firms |
| Journal: | Strategic Management Journal
2005 : NOV, VOL. 26:11, p. 987-1007 |
| Index terms: | stock markets alliances high technology electronic commerce USA |
| Freeterms: | e-commerce |
| Language: | eng |
| Abstract: | In this paper, the sudden technology sector crash is treated as a natural experiment to investigate how dramatic changes in resource availability in the e-commerce sector affect stock market (hereafter as: st-mrkt.) response to interfirm alliances (here as: alls). There are two distinctly different periods of e-commerce resource munificence (here as: m.): A. pre-crash, characterized by high m., and B. post-crash, characterized by low m. Using alls. data on 75 e-commerce firms from 1995 to 2001, it is found among others that the st-mrkt. responds more favourably to alls. during the less munificent period. The findings demonstrate the importance of environmental conditions and their affect on st-mrkt. interpretation as to alls. announcements. |
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