學術產出-Theses
Article View/Open
Publication Export
-
題名 策略聯盟與企業權益資金成本之關聯性研究
A Study of the Association between Strategic Alliances and Cost of Equity作者 黃瓊賢 貢獻者 梁嘉紋
黃瓊賢關鍵詞 策略聯盟
權益資金成本日期 2016 上傳時間 2-Aug-2016 15:52:26 (UTC+8) 摘要 當企業宣告策略聯盟時，資本市場給予正面評價，因企業績效通常會有所提升，降低投資人所面對的風險。本研究主要探討策略聯盟之次數、型態、價值活動類型及同業跨業策略聯盟對權益資金成本的影響，並以事前權益資金成本相關模型估計隱含權益資金成本。考量固定效果後之實證結果顯示，企業從事策略聯盟與其權益資金成本為顯著負相關；策略聯盟次數亦與權益資金成本呈負相關；且契約型策略聯盟能為企業帶來益處，合資型策略聯盟則無顯著降低權益資金成本的效果；本研究並未發現契約型策略聯盟各價值活動類型對權益資金成本之影響具顯著差異性；而企業與同產業或其他產業的公司進行策略聯盟對權益資金成本影響亦不具顯著之差異性。 參考文獻 一、中文部分王治民，2004，台商策略聯盟類型與績效之關聯性研究—以光碟機產業為例，私立中原大學企業管理研究所碩士論文。王駿憲，2015，企業集團對於權益資金成本之影響—以中國上市企業為例，國立中央大學企業管理學系碩士論文。王櫻霓，2005，不同類型策略聯盟之宣告效果與股東權益風險探討—以台灣上市公司為例，國立中山大學財務管理學系研究所碩士論文。吳青松，1996，產業策略聯盟之國際發展型態與趨勢，經濟情勢暨評論季刊。吳婉芳，2003，策略聯盟爭取雙贏，經濟日報。李文瑞等人，2000，策略聯盟類型與績效影響因素之研究，中山管理評論。林玲君，1991，策略聯盟形成因素與績效之研究—資訊電子業之實證，國立台灣大學商學研究所碩士論文。林錫金，2013，論知識經濟時代下經營績效衡量與企業評價方法附加經濟價值。邱柏松，1996，國際策略聯盟在國內的現況與績效，經濟情勢暨評論月刊。柯東育，2013，策略聯盟的價值：以權益成本之觀點，國立成功大學國際企業研究所碩士論文。張文武與陳虹伶，2001，銀行與保險業整合之模擬分析，保險專刊。許崇源與陳瑞斌，2005，公司治理與權益資金成本之關聯性研究，管理思維與實務學術研討會論文集。陳怡芬，2003，國小教師對國語文科教書選用因素與使用滿意度制度，國立屏東師範學院國民教育研究所碩士論文。鄞瑜萱，2009，大陸台商策略聯盟類型與績效之關聯性研究─以電子電機業為例，中原大學企業管理學系研究所碩士論文。蔡叔桓，2011，策略聯盟與債務成本之關聯性—以債券持有人之觀點，國立中正大學會計與資訊科技研究所碩士論文。鄭貴月等人，2009，策略聯盟與媒體組織資源運用之關聯性研究-以台灣廣播電台為例，廣播與電視。賴宜鴻，2002，企業國際策略聯盟長期績效表現之研究，國立成功大學國際企業研究所碩士論文。謝天，2013，Clawback 條款是否影響公司之權益資金成本及信用評等?，國立政治大學會計學系碩士論文。鍾育明與張淑青，2005，大台北地區溫泉業市場導向與績效關係之研究—探討合作導向與行銷創新的中介效果。鍾依芳，2005，策略聯盟宣告對公司價值的影響，國立中山大學企業管理學系研究所碩士論文。二、英文部分Aaker, D. A. 1992. Developing business strategies. Third ed: Wiley.Balakrishnan, S., and M. P. Koza. 1993. Information asymmetry, adverse selection and joint-ventures: Theory and evidence. Journal of Economic Behavior & Organization 20 (1):99-117.Bayona, C., T. Garcı́a-Marco, and E. Huerta. 2001. Firms’ motivations for cooperative R&D: an empirical analysis of Spanish firms. Research Policy 30 (8):1289-1307.Berger, P. G., and E. Ofek. 1995. Diversification`s effect on firm value. Journal of Financial Economics 37 (1):39-65.Bodnar, G. M., C. Tang, and J. Weintrop. 1997. Both sides of corporate diversification: The value impacts of geographic and industrial diversification: National Bureau of Economic Research.Botosan, C. A. 1997. Disclosure level and the cost of equity capital. Accounting Review:323-349.Botosan, C. A., and M. A. Plumlee. 2002. A re‐examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 (1):21-40.Bowen, R., X. Chen, and Q. Cheng. 2008. Analyst coverage and the cost of raising equity capital: Evidence from underpricing of seasoned equity offerings. Contemporary Accounting Research 25 (3):657-699.Bucklin, L. P., and S. Sengupta. 1993. Organizing successful co-marketing alliances. The Journal of Marketing:32-46.Busenitz, L. W., and J. B. Barney. 1997. Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making. Journal of Business Venturing 12 (1):9-30.Chan, S. H., J. W. Kensinger, A. J. Keown, and J. D. Martin. 1997. Do strategic alliances create value? Journal of Financial Economics 46 (2):199-221.Chen, J., T.-H. D. King, and M.-M. Wen. 2013. Do strategic alliances and joint ventures create value for bondholders and shareholders? Working Paper.Chen, K., Z. Chen, and K. Wei. 2004. Disclosure, corporate governance, and the cost of equity capital in emerging markets. Working Paper, Hong Kong University of Science and Technology Chou, T.-K., C.-S. Ou, and S.-H. Tsai. 2014. Value of strategic alliances: Evidence from the bond market. Journal of Banking & Finance 42:42-59.Claus, J., and J. Thomas. 2001. Equity premia as low as three percent? Evidence from analysts` earnings forecasts for domestic and international stock markets. The Journal of Finance 56 (5):1629-1666.Collis, D. J., and C. A. Montgomery. 1995. Competing on resources: Strategy in the 1990s. Knowledge and Strategy:25-40.Combs, J. G., and D. J. Ketchen. 1999. Can capital scarcity help agency theory explain franchising? Revisiting the capital scarcity hypothesis. Academy of Management Journal 42 (2):196-207.Das, S., P. K. Sen, and S. Sengupta. 1998. Impact of strategic alliances on firm valuation. Academy of Management Journal 41 (1):27-41.Das, T. K., and B.-S. Teng. 2000. A resource-based theory of strategic alliances. Journal of Management 26 (1):31-61.Delios, A., and P. W. Beamish. 1999. Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal:711-727.Demirkan, S., and I. Demirkan. 2014. Implications of strategic alliances for earnings quality and capital market investors. Journal of Business Research 67 (9):1806-1816.Devlin, G., and M. Bleackley. 1988. Strategic alliances: guidelines for success. Long Range Planning 21 (5):18-23.Dhaliwal, D., S. Heitzman, and O. Z. Li. 2006. Taxes, leverage, and the cost of equity capital. Journal of Accounting Research:691-723.Doyle, J. T., W. Ge, and S. McVay. 2007. Accruals quality and internal control over financial reporting. The Accounting Review 82 (5):1141-1170.Easley, D., and M. O`hara. 2004. Information and the cost of capital. The Journal of Finance 59 (4):1553-1583.Easton, P. D. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review 79 (1):73-95.El Ghoul, S., O. Guedhami, C. C. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance 35 (9):2388-2406.Elliott, R. K., and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizons 8 (4):80.Elton, E. J. 1999. Presidential address: Expected return, realized return, and asset pricing tests. The Journal of Finance 54 (4):1199-1220.Fama, E. F., and K. R. French. 1992. The cross‐section of expected stock returns. The Journal of Finance 47 (2):427-465.———. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (1):3-56.———. 1997. Industry costs of equity. Journal of Financial Economics 43 (2):153-193.Francis, J. R., I. K. Khurana, and R. Pereira. 2005. Disclosure incentives and effects on cost of capital around the world. The Accounting Review 80 (4):1125-1162.Freidheim, C. F. 1999. The battle of the alliances. Management Review 88 (8):46.Fu, R., A. Kraft, and H. Zhang. 2012. Financial reporting frequency, information asymmetry, and the cost of equity. Journal of Accounting and Economics 54 (2):132-149.Fuller, M. B., and M. Porter. 1986. Coalitions and global strategy from. Competition in Global Industries 315:344.Gebhardt, W. R., C. M. Lee, and B. Swaminathan. 2001. Toward an implied cost of capital. Journal of Accounting Research 39 (1):135-176.Gordon, J. R., and M. J. Gordon. 1997. The finite horizon expected return model. Financial Analysts Journal 53 (3):52-61.Gulati, R., and J. D. Westphal. 1999. Cooperative or controlling? The effects of CEO-board relations and the content of interlocks on the formation of joint ventures. Administrative Science Quarterly 44 (3):473-506.Hagedoorn, J., and J. Schakenraad. 1994. The effect of strategic technology alliances on company performance. Strategic Management Journal 15 (4):291-309.Hambrick, D. C., T. S. Cho, and M.-J. Chen. 1996. The influence of top management team heterogeneity on firms` competitive moves. Administrative Science Quarterly:659-684.Harrigan, K. R. 1988. Joint ventures and competitive strategy. Strategic Management Journal 9 (2):141-158.Hausman, J. A. 1978. Specification tests in econometrics. Econometrica: Journal of the Econometric Society:1251-1271.Hennart, J. F. 1988. A transaction costs theory of equity joint ventures. Strategic Management Journal 9 (4):361-374.Hill, C. W. 1985. Diversified growth and competition: The experience of twelve large UK firms. Applied Economics 17 (5):827-847.Hunton, J. E., R. Libby, and C. L. Mazza. 2006. Financial reporting transparency and earnings management (Retracted). The Accounting Review 81 (1):135-157.Ivanov, V., and C. Lewis. 2008. The effect of strategic alliances on initial public offerings. Working Paper, Vanderbilt University.Jarillo, J. C. 1989. Entrepreneurship and growth: The strategic use of external resources. Journal of Business Venturing 4 (2):133-147.Jensen, M. C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2).Kalaignanam, K., V. Shankar, and R. Varadarajan. 2007. Asymmetric new product development alliances: win-win or win-lose partnerships? Management Science 53 (3):357-374.Keller, J. 1993. Spring hangs back as its rivals forge global alliances. Wall Street Journal, June 4:B4.Khurana, I. K., and K. Raman. 2004. Litigation risk and the financial reporting credibility of Big 4 versus non-Big 4 audits: Evidence from Anglo-American countries. The Accounting Review 79 (2):473-495.Killing, J. P. 1988. Understanding alliances: The role of task and organizational complexity. Cooperative Strategies in International Business 55:68.Kogut, B. 1988. Joint ventures: Theoretical and empirical perspectives. Strategic Management Journal 9 (4):319-332.———. 1989. The stability of joint ventures: Reciprocity and competitive rivalry. The Journal of Industrial Economics:183-198.Koh, J., and N. Venkatraman. 1991. Joint venture formations and stock market reactions: An assessment in the information technology sector. Academy of Management Journal 34 (4):869-892.Kutner, M. H., C. Nachtsheim, and J. Neter. 2004. Applied linear regression models: McGraw-Hill Irwin.Lynch, R. P. 1989. The practical guide to joint ventures and corporate alliances: New York: Wiley.Magrath, A. J. 1991. Collaborative marketing comes of age again. Sales & Marketing Management 143 (11):60-64.Martin, J. G. 2002. The growing use of strategic alliances in the energy industry. Oil, Gas and Energy Law Journal 27 (1):28-57.Merton, R. C. 1973. An intertemporal capital asset pricing model. Econometrica: Journal of the Econometric Society:867-887.Miller, E. M. 1977. Risk, uncertainty, and divergence of opinion. The Journal of Finance 32 (4):1151-1168.Nueno, P., and J. Oosterveld. 1988. Managing technology alliances. Long Range Planning 21 (3):11-17.Ogneva, M., K. R. Subramanyam, and K. Raghunandan. 2007. Internal control weakness and cost of equity: Evidence from SOX Section 404 disclosures. The Accounting Review 82 (5):1255-1297.Ohlson, J. A., and B. E. Juettner-Nauroth. 2005. Expected EPS and EPS growth as determinantsof value. Review of Accounting Studies 10 (2-3):349-365.Oxley, J. E. 1997. Appropriability hazards and governance in strategic alliances: A transaction cost approach. Journal of Law, Economics, and Organization 13 (2):387-409.Park, N. K., J. M. Mezias, and J. Song. 2004. A resource-based view of strategic alliances and firm value in the electronic marketplace. Journal of Management 30 (1):7-27.Powell, W. 2003. Neither market nor hierarchy. The Sociology of Organizations: Classic, Contemporary, and Critical Readings 315:104-117.Prahalad, C. K., and G. Hamel. 1994. Strategy as a field of study: Why search for a new paradigm? Strategic Management Journal 15 (S2):5-16.Ravenscraft, D. J., and F. M. Scherer. 2011. Mergers, sell-offs, and economic efficiency: Brookings Institution Press.Rindfleisch, A., and J. B. Heide. 1997. Transaction cost analysis: Past, present, and future applications. The Journal of Marketing:30-54.Ross, S. A. 1976. The arbitrage theory of capital asset pricing. Journal of Economic Theory 13 (3):341-360.Satchell, S. E., and S. Hwang. 2001. Tracking error: Ex ante versus ex post measures. Journal of Asset Management 2 (3):241-246.Schaan, J.-L., and P. W. Beamish. 1988. Joint venture general managers in developing countries. Cooperative Strategies in International Business.Sharpe, W. F. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance 19 (3):425-442.Shleifer, A., and R. W. Vishny. 1989. Management entrenchment: The case of manager-specific investments. Journal of Financial Economics 25 (1):123-139.———. 1990. Equilibrium short horizons of investors and firms. The American Economic Review 80 (2):148-153.———. 2003. Stock market driven acquisitions. Journal of Financial Economics 70 (3):295-311.Teece, D. J. 1986. Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy 15 (6):285-305.Thomaz, F., and V. Swaminathan. 2015. What goes around comes around: The impact of marketing alliances on firm risk and the moderating role of network density. Journal of Marketing 79 (5):63-79.Vernon, J. M., and R. E. Nourse. 1973. Profit rates and market structure of advertising intensive firms. The Journal of Industrial Economics:1-20.Wakeam, J. 2003. The five factors of a strategic alliance. Ivey Business Journal 68 (3):1-4.Wall, L. D., A. K. Reichert, and S. Mohanty. 1993. Deregulation and the opportunities for commercial bank diversification. Economic Review-Federal Reserve Bank of Atlanta 78 (5):1.Williamson, O., and W. Ouchi. 1981. The markets and hierarchies and visible hand perspectives` in perspectives on organization design and behavior. : New York: Wiley, 347-370.Yoshino, M. Y., and S. Rangan. 1995. Strategic alliances: An entrepreneurial approach to globalization. Harvard Business School Press. 描述 碩士
國立政治大學
會計學系
103353031資料來源 http://thesis.lib.nccu.edu.tw/record/#G0103353031 資料類型 thesis dc.contributor.advisor 梁嘉紋 zh_TW dc.contributor.author (Authors) 黃瓊賢 zh_TW dc.creator (作者) 黃瓊賢 zh_TW dc.date (日期) 2016 en_US dc.date.accessioned 2-Aug-2016 15:52:26 (UTC+8) - dc.date.available 2-Aug-2016 15:52:26 (UTC+8) - dc.date.issued (上傳時間) 2-Aug-2016 15:52:26 (UTC+8) - dc.identifier (Other Identifiers) G0103353031 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/99529 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 103353031 zh_TW dc.description.abstract (摘要) 當企業宣告策略聯盟時，資本市場給予正面評價，因企業績效通常會有所提升，降低投資人所面對的風險。本研究主要探討策略聯盟之次數、型態、價值活動類型及同業跨業策略聯盟對權益資金成本的影響，並以事前權益資金成本相關模型估計隱含權益資金成本。考量固定效果後之實證結果顯示，企業從事策略聯盟與其權益資金成本為顯著負相關；策略聯盟次數亦與權益資金成本呈負相關；且契約型策略聯盟能為企業帶來益處，合資型策略聯盟則無顯著降低權益資金成本的效果；本研究並未發現契約型策略聯盟各價值活動類型對權益資金成本之影響具顯著差異性；而企業與同產業或其他產業的公司進行策略聯盟對權益資金成本影響亦不具顯著之差異性。 zh_TW dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究問題 3第三節 研究架構 4第二章 文獻探討 5第一節 策略聯盟 5第二節 權益資金成本 9第三節 策略聯盟與權益資金成本 11第三章 研究方法 14第一節 研究假說 14第二節 變數衡量與定義 18第三節 資料來源與處理 25第四節 實證模型 27第四章 實證結果及分析 29第一節 敘述性統計與相關係數分析 29第二節 迴歸分析 36第三節 額外測試 44第五章 結論與建議 63第一節 研究結論 63第二節 研究限制 67第三節 研究建議 68參考文獻 69 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0103353031 en_US dc.subject (關鍵詞) 策略聯盟 zh_TW dc.subject (關鍵詞) 權益資金成本 zh_TW dc.title (題名) 策略聯盟與企業權益資金成本之關聯性研究 zh_TW dc.title (題名) A Study of the Association between Strategic Alliances and Cost of Equity en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、中文部分王治民，2004，台商策略聯盟類型與績效之關聯性研究—以光碟機產業為例，私立中原大學企業管理研究所碩士論文。王駿憲，2015，企業集團對於權益資金成本之影響—以中國上市企業為例，國立中央大學企業管理學系碩士論文。王櫻霓，2005，不同類型策略聯盟之宣告效果與股東權益風險探討—以台灣上市公司為例，國立中山大學財務管理學系研究所碩士論文。吳青松，1996，產業策略聯盟之國際發展型態與趨勢，經濟情勢暨評論季刊。吳婉芳，2003，策略聯盟爭取雙贏，經濟日報。李文瑞等人，2000，策略聯盟類型與績效影響因素之研究，中山管理評論。林玲君，1991，策略聯盟形成因素與績效之研究—資訊電子業之實證，國立台灣大學商學研究所碩士論文。林錫金，2013，論知識經濟時代下經營績效衡量與企業評價方法附加經濟價值。邱柏松，1996，國際策略聯盟在國內的現況與績效，經濟情勢暨評論月刊。柯東育，2013，策略聯盟的價值：以權益成本之觀點，國立成功大學國際企業研究所碩士論文。張文武與陳虹伶，2001，銀行與保險業整合之模擬分析，保險專刊。許崇源與陳瑞斌，2005，公司治理與權益資金成本之關聯性研究，管理思維與實務學術研討會論文集。陳怡芬，2003，國小教師對國語文科教書選用因素與使用滿意度制度，國立屏東師範學院國民教育研究所碩士論文。鄞瑜萱，2009，大陸台商策略聯盟類型與績效之關聯性研究─以電子電機業為例，中原大學企業管理學系研究所碩士論文。蔡叔桓，2011，策略聯盟與債務成本之關聯性—以債券持有人之觀點，國立中正大學會計與資訊科技研究所碩士論文。鄭貴月等人，2009，策略聯盟與媒體組織資源運用之關聯性研究-以台灣廣播電台為例，廣播與電視。賴宜鴻，2002，企業國際策略聯盟長期績效表現之研究，國立成功大學國際企業研究所碩士論文。謝天，2013，Clawback 條款是否影響公司之權益資金成本及信用評等?，國立政治大學會計學系碩士論文。鍾育明與張淑青，2005，大台北地區溫泉業市場導向與績效關係之研究—探討合作導向與行銷創新的中介效果。鍾依芳，2005，策略聯盟宣告對公司價值的影響，國立中山大學企業管理學系研究所碩士論文。二、英文部分Aaker, D. A. 1992. Developing business strategies. Third ed: Wiley.Balakrishnan, S., and M. P. Koza. 1993. Information asymmetry, adverse selection and joint-ventures: Theory and evidence. Journal of Economic Behavior & Organization 20 (1):99-117.Bayona, C., T. Garcı́a-Marco, and E. Huerta. 2001. Firms’ motivations for cooperative R&D: an empirical analysis of Spanish firms. Research Policy 30 (8):1289-1307.Berger, P. G., and E. Ofek. 1995. Diversification`s effect on firm value. Journal of Financial Economics 37 (1):39-65.Bodnar, G. M., C. Tang, and J. Weintrop. 1997. Both sides of corporate diversification: The value impacts of geographic and industrial diversification: National Bureau of Economic Research.Botosan, C. A. 1997. Disclosure level and the cost of equity capital. Accounting Review:323-349.Botosan, C. A., and M. A. Plumlee. 2002. A re‐examination of disclosure level and the expected cost of equity capital. Journal of Accounting Research 40 (1):21-40.Bowen, R., X. Chen, and Q. Cheng. 2008. Analyst coverage and the cost of raising equity capital: Evidence from underpricing of seasoned equity offerings. Contemporary Accounting Research 25 (3):657-699.Bucklin, L. P., and S. Sengupta. 1993. Organizing successful co-marketing alliances. The Journal of Marketing:32-46.Busenitz, L. W., and J. B. Barney. 1997. Differences between entrepreneurs and managers in large organizations: Biases and heuristics in strategic decision-making. Journal of Business Venturing 12 (1):9-30.Chan, S. H., J. W. Kensinger, A. J. Keown, and J. D. Martin. 1997. Do strategic alliances create value? Journal of Financial Economics 46 (2):199-221.Chen, J., T.-H. D. King, and M.-M. Wen. 2013. Do strategic alliances and joint ventures create value for bondholders and shareholders? Working Paper.Chen, K., Z. Chen, and K. Wei. 2004. Disclosure, corporate governance, and the cost of equity capital in emerging markets. Working Paper, Hong Kong University of Science and Technology Chou, T.-K., C.-S. Ou, and S.-H. Tsai. 2014. Value of strategic alliances: Evidence from the bond market. Journal of Banking & Finance 42:42-59.Claus, J., and J. Thomas. 2001. Equity premia as low as three percent? Evidence from analysts` earnings forecasts for domestic and international stock markets. The Journal of Finance 56 (5):1629-1666.Collis, D. J., and C. A. Montgomery. 1995. Competing on resources: Strategy in the 1990s. Knowledge and Strategy:25-40.Combs, J. G., and D. J. Ketchen. 1999. Can capital scarcity help agency theory explain franchising? Revisiting the capital scarcity hypothesis. Academy of Management Journal 42 (2):196-207.Das, S., P. K. Sen, and S. Sengupta. 1998. Impact of strategic alliances on firm valuation. Academy of Management Journal 41 (1):27-41.Das, T. K., and B.-S. Teng. 2000. A resource-based theory of strategic alliances. Journal of Management 26 (1):31-61.Delios, A., and P. W. Beamish. 1999. Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal:711-727.Demirkan, S., and I. Demirkan. 2014. Implications of strategic alliances for earnings quality and capital market investors. Journal of Business Research 67 (9):1806-1816.Devlin, G., and M. Bleackley. 1988. Strategic alliances: guidelines for success. Long Range Planning 21 (5):18-23.Dhaliwal, D., S. Heitzman, and O. Z. Li. 2006. Taxes, leverage, and the cost of equity capital. Journal of Accounting Research:691-723.Doyle, J. T., W. Ge, and S. McVay. 2007. Accruals quality and internal control over financial reporting. The Accounting Review 82 (5):1141-1170.Easley, D., and M. O`hara. 2004. Information and the cost of capital. The Journal of Finance 59 (4):1553-1583.Easton, P. D. 2004. PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review 79 (1):73-95.El Ghoul, S., O. Guedhami, C. C. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance 35 (9):2388-2406.Elliott, R. K., and P. D. Jacobson. 1994. Costs and benefits of business information disclosure. Accounting Horizons 8 (4):80.Elton, E. J. 1999. Presidential address: Expected return, realized return, and asset pricing tests. The Journal of Finance 54 (4):1199-1220.Fama, E. F., and K. R. French. 1992. The cross‐section of expected stock returns. The Journal of Finance 47 (2):427-465.———. 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics 33 (1):3-56.———. 1997. Industry costs of equity. Journal of Financial Economics 43 (2):153-193.Francis, J. R., I. K. Khurana, and R. Pereira. 2005. Disclosure incentives and effects on cost of capital around the world. The Accounting Review 80 (4):1125-1162.Freidheim, C. F. 1999. The battle of the alliances. Management Review 88 (8):46.Fu, R., A. Kraft, and H. Zhang. 2012. Financial reporting frequency, information asymmetry, and the cost of equity. Journal of Accounting and Economics 54 (2):132-149.Fuller, M. B., and M. Porter. 1986. Coalitions and global strategy from. Competition in Global Industries 315:344.Gebhardt, W. R., C. M. Lee, and B. Swaminathan. 2001. Toward an implied cost of capital. Journal of Accounting Research 39 (1):135-176.Gordon, J. R., and M. J. Gordon. 1997. The finite horizon expected return model. Financial Analysts Journal 53 (3):52-61.Gulati, R., and J. D. Westphal. 1999. Cooperative or controlling? The effects of CEO-board relations and the content of interlocks on the formation of joint ventures. Administrative Science Quarterly 44 (3):473-506.Hagedoorn, J., and J. Schakenraad. 1994. The effect of strategic technology alliances on company performance. Strategic Management Journal 15 (4):291-309.Hambrick, D. C., T. S. Cho, and M.-J. Chen. 1996. The influence of top management team heterogeneity on firms` competitive moves. Administrative Science Quarterly:659-684.Harrigan, K. R. 1988. Joint ventures and competitive strategy. Strategic Management Journal 9 (2):141-158.Hausman, J. A. 1978. Specification tests in econometrics. Econometrica: Journal of the Econometric Society:1251-1271.Hennart, J. F. 1988. A transaction costs theory of equity joint ventures. Strategic Management Journal 9 (4):361-374.Hill, C. W. 1985. Diversified growth and competition: The experience of twelve large UK firms. Applied Economics 17 (5):827-847.Hunton, J. E., R. Libby, and C. L. Mazza. 2006. Financial reporting transparency and earnings management (Retracted). The Accounting Review 81 (1):135-157.Ivanov, V., and C. Lewis. 2008. The effect of strategic alliances on initial public offerings. Working Paper, Vanderbilt University.Jarillo, J. C. 1989. Entrepreneurship and growth: The strategic use of external resources. Journal of Business Venturing 4 (2):133-147.Jensen, M. C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2).Kalaignanam, K., V. Shankar, and R. Varadarajan. 2007. Asymmetric new product development alliances: win-win or win-lose partnerships? Management Science 53 (3):357-374.Keller, J. 1993. Spring hangs back as its rivals forge global alliances. Wall Street Journal, June 4:B4.Khurana, I. K., and K. Raman. 2004. Litigation risk and the financial reporting credibility of Big 4 versus non-Big 4 audits: Evidence from Anglo-American countries. The Accounting Review 79 (2):473-495.Killing, J. P. 1988. Understanding alliances: The role of task and organizational complexity. Cooperative Strategies in International Business 55:68.Kogut, B. 1988. Joint ventures: Theoretical and empirical perspectives. Strategic Management Journal 9 (4):319-332.———. 1989. The stability of joint ventures: Reciprocity and competitive rivalry. The Journal of Industrial Economics:183-198.Koh, J., and N. Venkatraman. 1991. Joint venture formations and stock market reactions: An assessment in the information technology sector. Academy of Management Journal 34 (4):869-892.Kutner, M. H., C. Nachtsheim, and J. Neter. 2004. Applied linear regression models: McGraw-Hill Irwin.Lynch, R. P. 1989. The practical guide to joint ventures and corporate alliances: New York: Wiley.Magrath, A. J. 1991. Collaborative marketing comes of age again. Sales & Marketing Management 143 (11):60-64.Martin, J. G. 2002. The growing use of strategic alliances in the energy industry. Oil, Gas and Energy Law Journal 27 (1):28-57.Merton, R. C. 1973. An intertemporal capital asset pricing model. Econometrica: Journal of the Econometric Society:867-887.Miller, E. M. 1977. Risk, uncertainty, and divergence of opinion. The Journal of Finance 32 (4):1151-1168.Nueno, P., and J. Oosterveld. 1988. Managing technology alliances. Long Range Planning 21 (3):11-17.Ogneva, M., K. R. Subramanyam, and K. Raghunandan. 2007. Internal control weakness and cost of equity: Evidence from SOX Section 404 disclosures. The Accounting Review 82 (5):1255-1297.Ohlson, J. A., and B. E. Juettner-Nauroth. 2005. Expected EPS and EPS growth as determinantsof value. Review of Accounting Studies 10 (2-3):349-365.Oxley, J. E. 1997. Appropriability hazards and governance in strategic alliances: A transaction cost approach. Journal of Law, Economics, and Organization 13 (2):387-409.Park, N. K., J. M. Mezias, and J. Song. 2004. A resource-based view of strategic alliances and firm value in the electronic marketplace. Journal of Management 30 (1):7-27.Powell, W. 2003. Neither market nor hierarchy. The Sociology of Organizations: Classic, Contemporary, and Critical Readings 315:104-117.Prahalad, C. K., and G. Hamel. 1994. Strategy as a field of study: Why search for a new paradigm? Strategic Management Journal 15 (S2):5-16.Ravenscraft, D. J., and F. M. Scherer. 2011. Mergers, sell-offs, and economic efficiency: Brookings Institution Press.Rindfleisch, A., and J. B. Heide. 1997. Transaction cost analysis: Past, present, and future applications. The Journal of Marketing:30-54.Ross, S. A. 1976. The arbitrage theory of capital asset pricing. Journal of Economic Theory 13 (3):341-360.Satchell, S. E., and S. Hwang. 2001. Tracking error: Ex ante versus ex post measures. Journal of Asset Management 2 (3):241-246.Schaan, J.-L., and P. W. Beamish. 1988. Joint venture general managers in developing countries. Cooperative Strategies in International Business.Sharpe, W. F. 1964. Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance 19 (3):425-442.Shleifer, A., and R. W. Vishny. 1989. Management entrenchment: The case of manager-specific investments. Journal of Financial Economics 25 (1):123-139.———. 1990. Equilibrium short horizons of investors and firms. The American Economic Review 80 (2):148-153.———. 2003. Stock market driven acquisitions. Journal of Financial Economics 70 (3):295-311.Teece, D. J. 1986. Profiting from technological innovation: Implications for integration, collaboration, licensing and public policy. Research Policy 15 (6):285-305.Thomaz, F., and V. Swaminathan. 2015. What goes around comes around: The impact of marketing alliances on firm risk and the moderating role of network density. Journal of Marketing 79 (5):63-79.Vernon, J. M., and R. E. Nourse. 1973. Profit rates and market structure of advertising intensive firms. The Journal of Industrial Economics:1-20.Wakeam, J. 2003. The five factors of a strategic alliance. Ivey Business Journal 68 (3):1-4.Wall, L. D., A. K. Reichert, and S. Mohanty. 1993. Deregulation and the opportunities for commercial bank diversification. Economic Review-Federal Reserve Bank of Atlanta 78 (5):1.Williamson, O., and W. Ouchi. 1981. The markets and hierarchies and visible hand perspectives` in perspectives on organization design and behavior. : New York: Wiley, 347-370.Yoshino, M. Y., and S. Rangan. 1995. Strategic alliances: An entrepreneurial approach to globalization. Harvard Business School Press. zh_TW
