The effect of code-sharing alliance formations and terminations on firm value: The role of co-specialization and scope extension
This paper examines how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. Building on the relational view of the firm, we develop predic...
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| Veröffentlicht in: | Journal of air transport management 2011-09, Vol.17 (5), p.305-308 |
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| container_end_page | 308 |
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| container_title | Journal of air transport management |
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| creator | Wassmer, Ulrich Meschi, Pierre-Xavier |
| description | This paper examines how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. Building on the relational view of the firm, we develop predictions that are tested using event study methodology and data on code-sharing alliances formed, extended, and terminated between 1994 and 2008. The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. They also suggest that the stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations.
► This paper offers evidence on how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. ► The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. ► The stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations. |
| doi_str_mv | 10.1016/j.jairtraman.2011.03.005 |
| format | Article |
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► This paper offers evidence on how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. ► The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. ► The stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations.</description><identifier>ISSN: 0969-6997</identifier><identifier>EISSN: 1873-2089</identifier><identifier>DOI: 10.1016/j.jairtraman.2011.03.005</identifier><language>eng</language><publisher>Elsevier Ltd</publisher><subject>Air transport ; Airline alliance co-specialization ; Airline alliance scope extension ; Airline alliances ; Building codes ; Business administration ; Decisions ; Formations ; Humanities and Social Sciences ; Management ; Markets ; Raw materials ; Terminations</subject><ispartof>Journal of air transport management, 2011-09, Vol.17 (5), p.305-308</ispartof><rights>2011 Elsevier Ltd</rights><rights>Distributed under a Creative Commons Attribution 4.0 International License</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c416t-5c067e6c439aaacad6d6c2ddcf9e2a8232be0e2e28be31ee31042637d3fbcf493</citedby><cites>FETCH-LOGICAL-c416t-5c067e6c439aaacad6d6c2ddcf9e2a8232be0e2e28be31ee31042637d3fbcf493</cites><orcidid>0000-0001-5233-4414</orcidid></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://www.sciencedirect.com/science/article/pii/S0969699711000500$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>230,314,776,780,881,3537,27901,27902,65306</link.rule.ids><backlink>$$Uhttps://amu.hal.science/hal-01839624$$DView record in HAL$$Hfree_for_read</backlink></links><search><creatorcontrib>Wassmer, Ulrich</creatorcontrib><creatorcontrib>Meschi, Pierre-Xavier</creatorcontrib><title>The effect of code-sharing alliance formations and terminations on firm value: The role of co-specialization and scope extension</title><title>Journal of air transport management</title><description>This paper examines how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. Building on the relational view of the firm, we develop predictions that are tested using event study methodology and data on code-sharing alliances formed, extended, and terminated between 1994 and 2008. The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. They also suggest that the stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations.
► This paper offers evidence on how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. ► The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. ► The stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations.</description><subject>Air transport</subject><subject>Airline alliance co-specialization</subject><subject>Airline alliance scope extension</subject><subject>Airline alliances</subject><subject>Building codes</subject><subject>Business administration</subject><subject>Decisions</subject><subject>Formations</subject><subject>Humanities and Social Sciences</subject><subject>Management</subject><subject>Markets</subject><subject>Raw materials</subject><subject>Terminations</subject><issn>0969-6997</issn><issn>1873-2089</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2011</creationdate><recordtype>article</recordtype><recordid>eNqFkU9vEzEQxS0EUkPLd_ARDrv4z8a75lYqoEiReilna-IdN468drA3EfTER6_TreDIYWTp6ffeaPwIoZy1nHH1cd_uwec5wwSxFYzzlsmWsfUrsuJDLxvBBv2arJhWulFa9xfkbSl7xnjPlFqRP_c7pOgc2pkmR20asSk7yD4-UAjBQ7RIXcoTzD7FQiGOdMY8-fgipEidzxM9QTjiJ3qOyyngEtaUA1oPwT8-08_uYtOhrvw1YyxVuyJvHISC717eS_Lj65f7m9tmc_ft-831prEdV3Oztkz1qGwnNQBYGNWorBhH6zQKGIQUW2QoUAxblBzrsE4o2Y_Sba3rtLwkH5bcHQRzyH6C_Nsk8Ob2emPOGuOD1Ep0J17Z9wt7yOnnEctsJl8shgAR07EY3g-Kd1qsRUWHBbU5lZLR_c3mzJwLMnvzryBzLsgwaWpB1fp5sWI9--Qxm2I91v8efa51mDH5_4c8AQE8oTk</recordid><startdate>20110901</startdate><enddate>20110901</enddate><creator>Wassmer, Ulrich</creator><creator>Meschi, Pierre-Xavier</creator><general>Elsevier Ltd</general><general>Elsevier</general><scope>AAYXX</scope><scope>CITATION</scope><scope>7TA</scope><scope>8FD</scope><scope>H8D</scope><scope>JG9</scope><scope>L7M</scope><scope>1XC</scope><scope>BXJBU</scope><orcidid>https://orcid.org/0000-0001-5233-4414</orcidid></search><sort><creationdate>20110901</creationdate><title>The effect of code-sharing alliance formations and terminations on firm value: The role of co-specialization and scope extension</title><author>Wassmer, Ulrich ; Meschi, Pierre-Xavier</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c416t-5c067e6c439aaacad6d6c2ddcf9e2a8232be0e2e28be31ee31042637d3fbcf493</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2011</creationdate><topic>Air transport</topic><topic>Airline alliance co-specialization</topic><topic>Airline alliance scope extension</topic><topic>Airline alliances</topic><topic>Building codes</topic><topic>Business administration</topic><topic>Decisions</topic><topic>Formations</topic><topic>Humanities and Social Sciences</topic><topic>Management</topic><topic>Markets</topic><topic>Raw materials</topic><topic>Terminations</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Wassmer, Ulrich</creatorcontrib><creatorcontrib>Meschi, Pierre-Xavier</creatorcontrib><collection>CrossRef</collection><collection>Materials Business File</collection><collection>Technology Research Database</collection><collection>Aerospace Database</collection><collection>Materials Research Database</collection><collection>Advanced Technologies Database with Aerospace</collection><collection>Hyper Article en Ligne (HAL)</collection><collection>HAL-SHS: Archive ouverte en Sciences de l'Homme et de la Société</collection><jtitle>Journal of air transport management</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Wassmer, Ulrich</au><au>Meschi, Pierre-Xavier</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>The effect of code-sharing alliance formations and terminations on firm value: The role of co-specialization and scope extension</atitle><jtitle>Journal of air transport management</jtitle><date>2011-09-01</date><risdate>2011</risdate><volume>17</volume><issue>5</issue><spage>305</spage><epage>308</epage><pages>305-308</pages><issn>0969-6997</issn><eissn>1873-2089</eissn><abstract>This paper examines how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. Building on the relational view of the firm, we develop predictions that are tested using event study methodology and data on code-sharing alliances formed, extended, and terminated between 1994 and 2008. The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. They also suggest that the stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations.
► This paper offers evidence on how alliance co-specialization and scope extension affect firm value at the time of alliance formation and termination, and whether value creation upon alliance formation also explains value creation upon termination. ► The findings suggest that from a stock market perspective alliance formation and termination can be seen as two interrelated events and that it is difficult to reverse initial valuations past the alliance formation phase. ► The stock market reacts to alliance formation more critically than to post-formation decisions such as alliance scope extensions and terminations.</abstract><pub>Elsevier Ltd</pub><doi>10.1016/j.jairtraman.2011.03.005</doi><tpages>4</tpages><orcidid>https://orcid.org/0000-0001-5233-4414</orcidid></addata></record> |
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| identifier | ISSN: 0969-6997 |
| ispartof | Journal of air transport management, 2011-09, Vol.17 (5), p.305-308 |
| issn | 0969-6997 1873-2089 |
| language | eng |
| recordid | cdi_hal_primary_oai_HAL_hal_01839624v1 |
| source | Elsevier ScienceDirect Journals |
| subjects | Air transport Airline alliance co-specialization Airline alliance scope extension Airline alliances Building codes Business administration Decisions Formations Humanities and Social Sciences Management Markets Raw materials Terminations |
| title | The effect of code-sharing alliance formations and terminations on firm value: The role of co-specialization and scope extension |
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