-
Journal menu
- General information
- Editorial Board and External Reviewers
- Journal Policies
- Publication Ethics and Malpractice Statement
- Instructions for authors
- Paper reviewing
- Article processing charge
- Feedback from stakeholders
- Journal’s Open Access statement
- Order hard copies of the journal
- 50 most cited papers in the journal
THE IMPACT OF DIFFERENT TYPES OF INTERORGANIZATIONAL CO-OPERATION ON SHAREHOLDER VALUE – THE CASE OF GERMANY
Download This Article
Robert Obermaier 
, Andreas Busch
Abstract
This event study analyses stock market reactions of 621 adhoc notifications announcing interorganizational cooperative agreements issued by stock listed German firms between 1999 and 2007. Besides testing the general relationship between ad hoc notifications of interorganizational cooperations and stock market response this study is the first one analyzing different institutional types of cooperational agreements for the German stock market. The announcement cooperational agreements results in significant positive mean abnormal returns. Surprisingly, announcements of contractual partnerships yield the highest abnormal returns compared to alternative forms combined with equity stakes. Obviously, shareholders do not necessarily relate better control of interorganizational cooperation to ownership.
Keywords: Interorganizational Cooperation, Shareholder Value, Stock Market Reactions, Event Study
How to cite this paper: Obermaier, R., & Busch, A. (2009). The impact of different types of interorganizational co-operation on shareholder value – the case of Germany. [Special issue]. Corporate Ownership & Control, 6(4-5), 542-550. https://doi.org/10.22495/cocv6i4sip5
