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首页> 外文期刊>Journal of Business Research >Implications of strategic alliances for earnings quality and capital market investors
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Implications of strategic alliances for earnings quality and capital market investors

机译：战略联盟对盈余质量和资本市场投资者的影响

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摘要

Strategic alliances are well-established organizational forms and a means of strategy implementation. Despite their growing pervasiveness in the economy, existent literature provides few insights about earnings quality of strategic alliances. This challenge is especially severe in contractual alliances (CAs), where firms do not form a new corporate entity that is separate from the parent organization in comparison to joint ventures (JVs). We investigate how earnings attributes differ depending on involvement in strategic alliances of 8137 CAs and 3026 JVs spanning 1997-2007. We find, in particular, that earnings attributes of firms involved in contractual alliances are broadly reflective of low underlying accounting quality. Relative to JV firms and non-alliance (NA) firms, they have higher levels of discretionary accruals, lower accrual quality, and earnings that are less persistent, less smooth, less relevant, less timely, and less conservative. They also have lower earnings response coefficients.
机译：战略联盟是行之有效的组织形式，是战略实施的一种手段。尽管它们在经济中日益普及，但现有文献对战略联盟的盈利质量缺乏了解。在合同联盟（CA）中，这一挑战尤为严峻，在这种情况下，与合资企业（JV）相比，公司不形成与母公司不同的新公司实体。我们调查了收入属性如何根据参与1997-2007年的8137个CA和3026个合资企业的战略联盟而有所不同。我们特别发现，参与合同联盟的公司的收入属性在很大程度上反映了较低的基础会计质量。相对于合资公司和非联盟（NA）公司，它们的自由裁量权应计水平较高，应计质量较低，并且收益的持久性，平滑性，相关性，及时性和保守性较低。他们的收入响应系数也较低。

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