메뉴 건너뛰기




Volumn 26, Issue 4, 2005, Pages 321-331

The value from acquiring and divesting a joint venture: A real options approach

Author keywords

Acquisitions; Divestitures; Event study; Joint ventures; Real options; Termination

Indexed keywords

COSTS; INVESTMENTS; MARKETING; MERGERS AND ACQUISITIONS; PERSONNEL; PROFESSIONAL ASPECTS; SOCIETIES AND INSTITUTIONS;

EID: 15244356129     PISSN: 01432095     EISSN: None     Source Type: Journal    
DOI: 10.1002/smj.449     Document Type: Article
Times cited : (102)

References (47)
  • 1
    • 0344162439 scopus 로고    scopus 로고
    • What is not a real option: Considering boundaries for the application of real options to business strategy
    • Adner R, Levinthal D. 2004. What is not a real option: considering boundaries for the application of real options to business strategy. Academy of Management Review 29: 74-85.
    • (2004) Academy of Management Review , vol.29 , pp. 74-85
    • Adner, R.1    Levinthal, D.2
  • 2
    • 85005305538 scopus 로고
    • The market for 'lemons': Qualitative uncertainty and the market mechanism
    • Akerlof GA. 1970. The market for 'lemons': qualitative uncertainty and the market mechanism. Quarterly Journal of Economics 84: 488-500.
    • (1970) Quarterly Journal of Economics , vol.84 , pp. 488-500
    • Akerlof, G.A.1
  • 3
    • 0002362270 scopus 로고
    • Information asymmetry, adverse selection and joint ventures: Theory and evidence
    • Balakrishnan S, Koza MP. 1993. Information asymmetry, adverse selection and joint ventures: theory and evidence. Journal of Economic Behavior and Organization 20: 99-117.
    • (1993) Journal of Economic Behavior and Organization , vol.20 , pp. 99-117
    • Balakrishnan, S.1    Koza, M.P.2
  • 4
    • 0002627111 scopus 로고
    • Is your strategic alliance really a sale?
    • Bleeke J, Ernst D. 1995. Is your strategic alliance really a sale? Harvard Business Review 73(1): 97-105.
    • (1995) Harvard Business Review , vol.73 , Issue.1 , pp. 97-105
    • Bleeke, J.1    Ernst, D.2
  • 5
    • 21344476299 scopus 로고
    • Strategy through the options lens: An integrated view of resource investments and the incremental-choice process
    • Bowman EH, Hurry D. 1993. Strategy through the options lens: an integrated view of resource investments and the incremental-choice process. Academy of Management Review 18: 760-782.
    • (1993) Academy of Management Review , vol.18 , pp. 760-782
    • Bowman, E.H.1    Hurry, D.2
  • 6
    • 0009641186 scopus 로고    scopus 로고
    • Option to acquire or divest a joint venture
    • Chi T. 2000. Option to acquire or divest a joint venture. Strategic Management Journal 21(6): 665-687.
    • (2000) Strategic Management Journal , vol.21 , Issue.6 , pp. 665-687
    • Chi, T.1
  • 7
    • 0347939813 scopus 로고    scopus 로고
    • Instabilities in strategic alliances: An internal tensions perspective
    • Das TK, Teng B-S. 2000. Instabilities in strategic alliances: an internal tensions perspective. Organization Science 11: 77-101.
    • (2000) Organization Science , vol.11 , pp. 77-101
    • Das, T.K.1    Teng, B.-S.2
  • 9
    • 0003070831 scopus 로고    scopus 로고
    • Learning from competing partners: Outcomes and durations of scale and link alliances in Europe, North America and Asia
    • Dussauge P, Garrette B, Mitchell W. 2000. Learning from competing partners: outcomes and durations of scale and link alliances in Europe, North America and Asia. Strategic Management Journal 21(2): 99-126.
    • (2000) Strategic Management Journal , vol.21 , Issue.2 , pp. 99-126
    • Dussauge, P.1    Garrette, B.2    Mitchell, W.3
  • 10
    • 0001054094 scopus 로고    scopus 로고
    • Governance and uncertainty: The trade off between administrative control and commitment
    • Folta TB. 1998. Governance and uncertainty: the trade off between administrative control and commitment. Strategic Management Journal 19(11): 1007-1028.
    • (1998) Strategic Management Journal , vol.19 , Issue.11 , pp. 1007-1028
    • Folta, T.B.1
  • 14
    • 84986161693 scopus 로고
    • Competition for competence and inter-partner learning within international strategic alliances
    • Hamel G. 1991. Competition for competence and inter-partner learning within international strategic alliances. Strategic Management Journal, Summer Special Issue 12: 83-103.
    • (1991) Strategic Management Journal, Summer Special Issue , vol.12 , pp. 83-103
    • Hamel, G.1
  • 15
    • 0000373873 scopus 로고
    • Strategic alliances and partner asymmetries
    • Contractor FJ, Lorange P (eds). Lexington Books: Lexington, MA
    • Harrigan KR. 1988. Strategic alliances and partner asymmetries. In Cooperative Strategies in International Business, Contractor FJ, Lorange P (eds). Lexington Books: Lexington, MA; 205-226.
    • (1988) Cooperative Strategies in International Business , pp. 205-226
    • Harrigan, K.R.1
  • 16
    • 84989093773 scopus 로고
    • A transaction costs theory of equity joint ventures
    • Hennart J-F. 1988. A transaction costs theory of equity joint ventures. Strategic Management Journal 9(4): 361-374.
    • (1988) Strategic Management Journal , vol.9 , Issue.4 , pp. 361-374
    • Hennart, J.-F.1
  • 17
    • 0032373313 scopus 로고    scopus 로고
    • The impact of joint venture status on the longevity of Japanese stakes in U.S. manufacturing affiliates
    • Hennart J-F, Kim D-J, Zeng M. 1998. The impact of joint venture status on the longevity of Japanese stakes in U.S. manufacturing affiliates. Organization Science 9: 382-395.
    • (1998) Organization Science , vol.9 , pp. 382-395
    • Hennart, J.-F.1    Kim, D.-J.2    Zeng, M.3
  • 18
    • 0001050575 scopus 로고
    • A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance
    • Keats BW, Hitt MA. 1988. A causal model of linkages among environmental dimensions, macro organizational characteristics, and performance. Academy of Management Journal 31: 570-598.
    • (1988) Academy of Management Journal , vol.31 , pp. 570-598
    • Keats, B.W.1    Hitt, M.A.2
  • 20
    • 84935412217 scopus 로고
    • The stability of joint ventures: Reciprocity and competitive rivalry
    • Kogut B. 1989. The stability of joint ventures: reciprocity and competitive rivalry. Journal of Industrial Economics 38: 183-198.
    • (1989) Journal of Industrial Economics , vol.38 , pp. 183-198
    • Kogut, B.1
  • 21
    • 0002587437 scopus 로고
    • Joint ventures and the option to expand and acquire
    • Kogut B. 1991. Joint ventures and the option to expand and acquire. Management Science 37: 19-33.
    • (1991) Management Science , vol.37 , pp. 19-33
    • Kogut, B.1
  • 22
    • 0000534155 scopus 로고
    • Joint venture formations and stock market reactions: An assessment in the information technology sector
    • Koh J, Venkatraman N. 1991. Joint venture formations and stock market reactions: an assessment in the information technology sector. Academy of Management Journal 34: 869-892.
    • (1991) Academy of Management Journal , vol.34 , pp. 869-892
    • Koh, J.1    Venkatraman, N.2
  • 23
    • 0001376710 scopus 로고
    • Consequences of corporate refocusing: Ex ante evidence
    • Markides CC. 1992. Consequences of corporate refocusing: ex ante evidence. Academy of Management Journal 35: 398-412.
    • (1992) Academy of Management Journal , vol.35 , pp. 398-412
    • Markides, C.C.1
  • 24
    • 84939634380 scopus 로고
    • Corporate combinations and common stock returns: The case of joint ventures
    • McConnell JJ, Nantell TJ. 1985. Corporate combinations and common stock returns: the case of joint ventures. Journal of Finance 40: 519-536.
    • (1985) Journal of Finance , vol.40 , pp. 519-536
    • McConnell, J.J.1    Nantell, T.J.2
  • 26
    • 0031484914 scopus 로고    scopus 로고
    • A real options logic for initiating technology positioning investments
    • McGrath R. 1997. A real options logic for initiating technology positioning investments. Academy of Management Review 22: 974-996.
    • (1997) Academy of Management Review , vol.22 , pp. 974-996
    • McGrath, R.1
  • 27
    • 0031510754 scopus 로고    scopus 로고
    • Event studies in management research: Theoretical and empirical issues
    • McWilliams A, Siegel D. 1997. Event studies in management research: theoretical and empirical issues. Academy of Management Journal 40: 626-657.
    • (1997) Academy of Management Journal , vol.40 , pp. 626-657
    • McWilliams, A.1    Siegel, D.2
  • 29
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers SC. 1977. Determinants of corporate borrowing. Journal of Financial Economics 4: 147-175.
    • (1977) Journal of Financial Economics , vol.4 , pp. 147-175
    • Myers, S.C.1
  • 30
    • 0000074088 scopus 로고
    • Use joint ventures to ease the pain of restructuring
    • Nanda A, Williamson PJ. 1995. Use joint ventures to ease the pain of restructuring. Harvard Business Review 73(6): 119-132.
    • (1995) Harvard Business Review , vol.73 , Issue.6 , pp. 119-132
    • Nanda, A.1    Williamson, P.J.2
  • 31
    • 0031092306 scopus 로고    scopus 로고
    • Market valuation of joint ventures: Joint venture characteristics and wealth gains
    • Park SH, Kim D. 1997. Market valuation of joint ventures: joint venture characteristics and wealth gains. Journal of Business Venturing 12: 83-108.
    • (1997) Journal of Business Venturing , vol.12 , pp. 83-108
    • Park, S.H.1    Kim, D.2
  • 32
    • 0000624995 scopus 로고    scopus 로고
    • When competition eclipses cooperation: An event history analysis of joint venture failure
    • Park SH, Russo MV. 1996. When competition eclipses cooperation: an event history analysis of joint venture failure. Management Science 42: 875-890.
    • (1996) Management Science , vol.42 , pp. 875-890
    • Park, S.H.1    Russo, M.V.2
  • 33
    • 0031123305 scopus 로고    scopus 로고
    • The effect of national culture, organizational complementarity, and economic motivation on joint venture dissolution
    • Park SH, Ungson GR. 1997. The effect of national culture, organizational complementarity, and economic motivation on joint venture dissolution. Academy of Management Journal 40: 279-307.
    • (1997) Academy of Management Journal , vol.40 , pp. 279-307
    • Park, S.H.1    Ungson, G.R.2
  • 34
    • 21144478795 scopus 로고
    • Strategic alliance structuring: A game theoretic and transaction cost examination of interfirm cooperation
    • Parkhe A. 1993. Strategic alliance structuring: a game theoretic and transaction cost examination of interfirm cooperation. Academy of Management Journal 36: 794-829.
    • (1993) Academy of Management Journal , vol.36 , pp. 794-829
    • Parkhe, A.1
  • 35
    • 0000027140 scopus 로고
    • Corporate forecasts of earnings per share and stock price behavior: Empirical tests
    • Patell JN. 1976. Corporate forecasts of earnings per share and stock price behavior: empirical tests. Journal of Accounting Research 14: 246-276.
    • (1976) Journal of Accounting Research , vol.14 , pp. 246-276
    • Patell, J.N.1
  • 37
    • 0002663735 scopus 로고
    • From competitive advantage to corporate strategy
    • Porter ME. 1987. From competitive advantage to corporate strategy. Harvard Business Review 65(3): 43-59.
    • (1987) Harvard Business Review , vol.65 , Issue.3 , pp. 43-59
    • Porter, M.E.1
  • 38
    • 0034402944 scopus 로고    scopus 로고
    • Parent firm performance across international joint venture life-cycle stages
    • Reuer JJ. 2000. Parent firm performance across international joint venture life-cycle stages. Journal of International Business Studies 31: 1-20.
    • (2000) Journal of International Business Studies , vol.31 , pp. 1-20
    • Reuer, J.J.1
  • 39
    • 0002433623 scopus 로고    scopus 로고
    • From hybrids to hierarchies: Shareholder wealth effects of joint venture partner buyouts
    • Reuer JJ. 2001. From hybrids to hierarchies: shareholder wealth effects of joint venture partner buyouts. Strategic Management Journal 22(1): 27-44.
    • (2001) Strategic Management Journal , vol.22 , Issue.1 , pp. 27-44
    • Reuer, J.J.1
  • 40
    • 0000471673 scopus 로고    scopus 로고
    • Agency costs and the performance implications of international joint venture internalization
    • Reuer JJ, Miller KD. 1997. Agency costs and the performance implications of international joint venture internalization. Strategic Management Journal 18(6): 425-438.
    • (1997) Strategic Management Journal , vol.18 , Issue.6 , pp. 425-438
    • Reuer, J.J.1    Miller, K.D.2
  • 42
    • 84989113305 scopus 로고
    • A resource based approach to the multibusiness firm: Empirical analysis of portfolio interrelationships and corporate financial performance
    • Robins J, Wiersema MF. 1995. A resource based approach to the multibusiness firm: empirical analysis of portfolio interrelationships and corporate financial performance. Strategic Management Journal 16(4): 277-299.
    • (1995) Strategic Management Journal , vol.16 , Issue.4 , pp. 277-299
    • Robins, J.1    Wiersema, M.F.2
  • 43
    • 0001675224 scopus 로고
    • Demand-pull and technological invention: Schmookler revisited
    • Scherer, FM. 1982. Demand-pull and technological invention: Schmookler revisited. Journal of Industrial Economics 30: 225-237.
    • (1982) Journal of Industrial Economics , vol.30 , pp. 225-237
    • Scherer, F.M.1
  • 44
    • 38549086633 scopus 로고
    • Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy
    • Teece DJ. 1986. Profiting from technological innovation: implications for integration, collaboration, licensing and public policy. Research Policy 15: 285-305.
    • (1986) Research Policy , vol.15 , pp. 285-305
    • Teece, D.J.1
  • 46
    • 84989132939 scopus 로고
    • Stock market reaction to strategic investment decisions
    • Woolridge JR, Snow CC. 1990. Stock market reaction to strategic investment decisions. Strategic Management Journal 11(5): 353-363.
    • (1990) Strategic Management Journal , vol.11 , Issue.5 , pp. 353-363
    • Woolridge, J.R.1    Snow, C.C.2
  • 47
    • 0040628184 scopus 로고    scopus 로고
    • International joint venture instability: A critique of previous research, a reconceptualization, and directions for future research
    • Yan A, Zeng M. 1999. International joint venture instability: a critique of previous research, a reconceptualization, and directions for future research. Journal of International Business Studies 30: 397-414.
    • (1999) Journal of International Business Studies , vol.30 , pp. 397-414
    • Yan, A.1    Zeng, M.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.