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The impact of corruption on market reactions to international strategic alliances

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Li, Chengguang and Reuer, J. J. (2022) The impact of corruption on market reactions to international strategic alliances. Journal of International Business Studies, 53 . pp. 187-202. doi:10.1057/s41267-021-00404-7

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Official URL: https://doi.org/10.1057/s41267-021-00404-7

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Abstract

Drawing on institutional theory, we argue that the level of corruption in an alliance partner’s country negatively affects the market reaction to a focal firm’s international strategic alliance announcement, as corruption creates uncertainty regarding the behavior of the partner firm. We further propose that anti-bribery laws in the focal firm’s home country strengthen the negative relation between corruption and market reactions, while the focal firm’s prior alliance experience in more corrupt countries and the level of corruption in its home country weaken the relationship. Analyses of over one thousand international strategic alliance announcements involving firms from 30 countries furnish evidence largely consistent with our theory. The findings indicate the importance of corruption as a facet of the institutional environment that shapes firms’ value creation opportunities and risks in international alliances.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
H Social Sciences > HG Finance
Divisions: Faculty of Social Sciences > Warwick Business School > Strategy & International Business
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Strategic alliances (Business) -- International cooperation, Corruption -- Economic aspects, Value -- Economic aspects
Journal or Publication Title: Journal of International Business Studies
Publisher: Palgrave Macmillan Ltd.
ISSN: 0047-2506
Official Date: February 2022
Dates:
DateEvent
February 2022Published
19 February 2021Available
16 December 2020Accepted
Volume: 53
Page Range: pp. 187-202
DOI: 10.1057/s41267-021-00404-7
Status: Peer Reviewed
Publication Status: Published
Reuse Statement (publisher, data, author rights): This is a post-peer-review, pre-copyedit version of an article published in Journal of International Business Studies. The final authenticated version is available online at: http://dx.doi.org/10.1057/s41267-021-00404-7
Access rights to Published version: Restricted or Subscription Access

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