股东
股东价值
议价能力
供应链
业务
产业组织
样品(材料)
证券交易所
价值(数学)
事件研究
企业价值
公司治理
经济
会计
微观经济学
营销
财务
机器学习
计算机科学
古生物学
化学
背景(考古学)
色谱法
生物
作者
Sabyasachi Mitra,Vinod R. Singhal
标识
DOI:10.1016/j.jom.2007.05.002
摘要
Abstract Recent trade and academic literature point to the importance of supply chain integration among partners as a key determinant of value creation. This paper analyzes the shareholder value effects of setting up industry exchanges, a prominent mechanism used to achieve supply chain integration. Shareholder value effects are estimated by measuring the stock market reaction (abnormal returns) associated with announcements to form or join industry exchanges. We find that abnormal returns from participation in industry exchanges are positive but only marginally significant in the whole sample of 144 firms in 18 exchanges formed during 2000–2001. In the sub‐sample of 88 exchange founders who were part of the original announcements to form the exchange, the abnormal market reaction is about 1% and significant. We also find that firms with greater bargaining power and higher process efficiency benefit more from participation in industry exchanges.
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