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| Author: | Allen, J. W. Phillips, G. M. |
| Title: | Corporate equity ownership, strategic alliances, and product market relationships |
| Journal: | Journal of Finance
2000 : DEC, VOL. 55:6, p. 2791-2815 |
| Index terms: | Stock markets Strategic planning Alliances Joint business ventures R&D Product development |
| Language: | eng |
| Abstract: | This paper examines long-term block ownership by corporations and performance changes in firms with corporate block owners, and potential reasons for corporate ownership including benefits in product market relationships, alleviation of financing constraints, and board monitoring by corporate owners. The authors find that the largest significant increases in targets' stock prices, investment, and operating profitability when ownership is combined with alliances, joint ventures, and other product market relationships between purchasing and target firms, especially in industries with high research and development. |
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