Does policy uncertainty increase relational risks? Evidence from strategic alliances
研究发现政策不确定性上升时，企业减少战略联盟的主要原因是关系风险增加，而非投资不可逆性。联盟涉及多方、高对手风险行业或需密集合同时更易受影响。
Abstract Prior studies on capital investments, including mergers and acquisitions, point to investment irreversibility as the primary factor behind diminished investments during periods of increased policy uncertainty. We show that increased relational risk, due to the potential for counterparty misbehavior or shirking and higher contracting costs, appears to be the primary driver behind the diminished propensity to undertake strategic alliances during enhanced policy uncertainty regimes. Alliances are even less likely during such times when they (a) involve more than two firms, (b) are in industries with greater counterparty risk, and (c) involve partners that require intense contracts.