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“Alliances and Corporate Governance”

Автор
Симонов Андрей Юрьевич
 
Тип публикации
Статья
 
Язык публикации
Русский
 
Издательство
Journal of Financial Economics, : vol. 107-3
 
Год
2013
 
Количество страниц
671
 

Аннотация
We study the link between a firm’s quality of governance and its alliance activity. We consider alliances as a commitment technology that helps a company CEO overcome agency problems that relate to the inability to ex-ante motivate division managers. We show that well-governed firms are more likely to avail themselves of this technology to anticipate ex-post commitment problems and resolve them. The role of governance is particularly important when the commitment problems are more acute, such as for particularly risky/long-horizon projects (“longshots”) or firms more prone to inefficient internal redistribution of resources (conglomerates), as well as in the absence of alternative disciplining devices (e.g., low product market competition). Governance also mitigates agency issues between alliance partners; dominant alliance partners agree to a more equal split of power with junior partners that are better governed. An “experiment” that induces cross-sectional variation in the cost of the alliance commitment technology provides evidence of a causal link between governance and alliances.

Ключевые слова
alliances, corporate governance, abnormal return and profitability

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