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Bankruptcy spillover effects on strategic alliance partners

机译：破产外溢对战略联盟合作伙伴的影响

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摘要

This paper examines whether a party to a strategic alliance or joint venture suffers from spillover effects when the other partner files for bankruptcy. We find that the nonbankrupt strategic alliance partners, on average, experience a negative stock price reaction around their partner firm's bankruptcy filing announcement. This negative effect is strongest for longer partnerships and those with higher returns at the announcement of the initial alliance formation. Furthermore, horizontal alliance firms in declining industries have lower returns, indicating that industry conditions can exacerbate expected problems for the non-bankrupt firm. Non-bankrupt partners also experience drops in profit margins and investment levels in the subsequent two years with the worst performance concentrated among the longer-term agreements. There is very little impact on the returns or performance for joint venture partners, which suggests that these agreements are more insulating for the partner firm.
机译：本文研究了当其他合伙人申请破产时，战略联盟或合资企业的当事方是否遭受溢出效应。我们发现，平均而言，非破产战略联盟合作伙伴在其合作伙伴公司的破产备案公告周围出现负面的股价反应。对于长期合作伙伴关系和最初成立联盟宣布时回报较高的伙伴关系，这种负面影响最为明显。此外，行业下降的横向联盟企业的收益较低，这表明行业状况可能加剧非破产企业的预期问题。在接下来的两年中，非破产合伙人的利润率和投资水平也会下降，其中表现最差的是长期协议。对合资伙伴的回报或业绩影响很小，这表明这些协议对合伙公司而言更加孤立。

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