Earticle

초록

영어

Based on an event study approach, we investigate the economic and strategic value of open innovation alliances (OIAs), in which collaborators and competitors join together in the pursuit of the co-development of technological innovations. Unlike previous event studies in the IS field, this study not only assesses the wealth impact on the OIA-participating focal firm but also on the firm’s rivals. To gain additional insights into the factors that moderate the market valuation of OIA participation, several contextual factors, including the degree of partner heterogeneity, innovation type, and the degree of openness of the OIAs are used to account for variability in abnormal
returns. We found that allying firms realize significant positive abnormal returns when their entry into an OIA is made public. The results also suggest that substantial excessive returns accrued to the allying firms with the belated entry of a large, established firm. A firm’s entry into an OIA increases, rather than decreases, the market valuation of its rival. Innovation type and openness were significantly associated with the amount of abnormal returns accruing to allying firms, while no significance was found for partner heterogeneity.

목차

Abstract
 Introduction
 Theory And Hypotheses
  Market Reaction to Open Innovation Alliances
  Wealth spillover
  OIAs and their impacts on rivals' market valuation
  Degree of Partner Heterogeneity
  Innovation type
  Degree of openness
 Methods
  Data and Variable Definitions
  Variable Description
  Estimation Method
 Results
  The market value of OIA participation
  Wealth spillover
  Wealth impacts on allying firms' rivals
  Impacts of Alliance Characteristics on Allying Firms’ Abnormal Returns
 Discussion
  Implications
 Conclusion
 Acknowledgments
 References

저자

• Kunsoo Han [ Desautels Faculty of Management, McGill University ]
• Wonseok Oh [ Desautels Faculty of Management, McGill University ]
• Kun Shin Im [ School of Business, Yonsei University ]
• Ray Chang [ Desautels Faculty of Management, McGill University ]
• Hyelim Oh [ Desautels Faculty of Management, McGill University ]
• Alain Pinsonneault [ Desautels Faculty of Management, McGill University ]

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