Market Value Impact Of Joint Ventures: The Effect Of Industry Information-Processing Load
研究了合资企业公告的市场价值影响如何随行业信息处理负荷变化，基于108个公告的分层样本证实假设，对信号视角有启示。
Previous studies of the market value impact of announcements of joint ventures have not considered industry effects.We suggest that the impact of such announcements varies with the inform at ion-processing load associated with analyzing events in lhe relevant industrj'.An event study analysis hased on a stratified sample of 108 announcements in three industry groups, one with a light, one with a moderate.and one with a heavy information-processing load, ronfirmed this hypothesis.We examine implications for a signaling perspective on joint venture announcements.Joint ventures are collaborative interfirm arrangements involving either equity participation by the partners in a new entity, one firm's taking an equity pOsSition in another, or joint ongoing manufacturing or marketing activity (cf.Harrigan, 1985).A growing number of researchers have studied several aspects of joint ventures, including motives (Oliver, 1990), benefits (Harrigan. 1985), interpartner learning (Hamel, 1991), and effects on stock value (e.g., Koh & Venkatraman, 1991).By isolating the abnormal stockholder retiums attributable to the announcements of joint ventures, researchers in the last stream have established that such announcements affect the market value of venture participants positively [Koh & Venkatraman, 1991; Mc-Connell & Nantell, 1985).We sought to extend tbis line of inquiry by exploring whether the market value impact of joint venture announcements varies across industries.Even though it is widely accepted that environments moderate the strategy-performance relationship (Prescott, 1986) and tbat researchers investigating strategy need to control for industry effects (Dess, Ireland, & Hitt, 1990), previous studies bave not considered the effects of industry on the market value impact of joint venture announcements.We suggest that the market impact varies with the information-processing load faced