Abstract
Strategic alliances play a prominent role in firm competitiveness. While the number of strategic alliances formed increases year after year, the research evidence on alliance success is conflicting. This study compares marketing and technology alliances during the technology era, 1996–2003. The sample size for the two groups is 91 and 109, respectively. On the basis of the Fama-French three-factor model, we find that the stock market considers the announcement of marketing and technology alliances to be a zero NPV project (whether alliance partners are considered individually or not). Also, we find that between alliance partners the larger firms exhibit better bargaining in technology alliances than in marketing alliances.
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