本研究以信號理論為基礎，探討策略聯盟夥伴的聲譽對焦點企業股價表現的影響。此外，本研究加入了兩個調節變數，分別是「夥伴公司在市場上的活躍程度」以及 「夥伴公司的研發創新能力」，以檢驗其會不會影響夥伴名聲的可信度，並加乘夥伴聲譽對於焦點公司股價表現的影響力。
本研究自SDC (Securities Data Corporation)資料庫中蒐集2018年整年度之策略聯盟公司為樣本，並依循以下篩選順序最終篩選出167家樣本。首先，所有公司皆必須為公開上市公司。再者，每個聯盟中的企業皆必須來自不同國家，且一方必須為美國企業。第三，所有公司之聯盟狀態，必須是已簽定或是已完成的狀態才會列入樣本，最後，至Yahoo Finance、Lexis-Nexis以及Compustat等資料庫取得資料後，刪除資料不齊全之樣本，得到最終樣本數為167筆策略聯盟案，並採用加權最小平方模型來進行實證研究。
經由實證結果得知聯盟夥伴企業的名聲越高，焦點企業的股價表現越好。此外，在調節效果上，若夥伴企業在市場上的活躍程度越高以及夥伴企業的研發創新能力越高，都將會加強夥伴企業聲譽對焦點企業股價表現的影響力。
本研究之貢獻，除了將過去探討信號理論的範圍從公司內部延伸至策略聯盟的不同組織間外，同時也希望藉由本研究，能讓經理人更精準地找出最合適其企業的聯盟夥伴。

The purpose of this thesis is to examine the impact of Alliance Partners’ Reputation on Focal Firms’ Stock Price. Based on the signal theory, we develop three hypothesis and also consider the moderating effect of the market action and the R&D innovation ability of the alliance partner.

This thesis complied a sample of 167 IJVs which were drawn from Securities Data Corporation (SDC) database and were announced between the entire year of 2018. The sampling process was proceeded as below. First, the IJV companies must be public company. Second, the IJV companies must come from different countries and one of them must be an American company. Third, the status of IJV must be completed or signed. Last but not least, after we obtained other required information from the other database including Yahoo Finance, Lexis-Nexis and Compustat, only the IJVs which contained completed data will be used as our final samples.

In the thesis, the empirical results show that the higher the alliance partners’ reputation were, the better performance the focal firms’ stock price would be. Furthermore, in terms of the moderating effects, the more market actions and the better R&D innovation ability the alliance partners possessed, the influence of partners’ reputation on vocal firms’ stock price performance would be strengthened.

As to the contribution, not only do we aim to extend the using of the signal theory from the dimension within the company to the whole strategic alliance partnership, we would also like to provide managers some practical insights when it comes to choosing the most suitable alliance partners.
Key words: alliance partner’s reputation, selecting alliance partners, stock price performance of the vocal firm, signal theory

Arthur, M. (2003). Share price reactions to work-family initiatives: An institutional perspective. Academy of Management journal, 46(4), 497-505.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of management, 17(1), 99-120.
Basdeo, D. K., Smith, K. G., Grimm, C. M., Rindova, V. P., & Derfus, P. J. (2006). The impact of market actions on firm reputation. Strategic management journal, 27(12), 1205-1219.
Beckman, C. M., Haunschild, P. R., & Phillips, D. J. (2004). Friends or strangers? Firm-specific uncertainty, market uncertainty, and network partner selection. Organization science, 15(3), 259-275.
Bell, R. G., Moore, C. B., & Al–Shammari, H. A. (2008). Country of origin and foreign IPO legitimacy: Understanding the role of geographic scope and insider ownership. Entrepreneurship Theory
Practice, 32(1), 185-202.
Bergh, D. D., Connelly, B. L., Ketchen Jr, D. J., & Shannon, L. M. (2014). Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. ournal of Management Studies, 51(8), 1334-1360.
Bettis, R. A., & Hitt, M. A. (1995). The new competitive landscape. Strategic management journal, 16(S1), 7-19.
Brown, B., & Perry, S. (1994). Removing the financial performance halo from Fortune's “most admired” companies. Academy of Management journal, 37(5), 1347-1359.
Cañibano, L., García-Ayuso, M., & Sánchez, M. P. (2000). Shortcomings in the measurement of innovation: Implications for accounting standard setting. Journal of Management Governance, 4(4), 319-342.
Capaldo, G., Iandoli, L., Raffa, M., & Zollo, G. (2003). The evaluation of innovation capabilities in small software firms: A methodological approach. Small Business Economics, 21(4), 343-354.
Connelly, B. L., Certo, S. T., Ireland, R. D., & Reutzel, C. R. (2011). Signaling theory: A review and assessment. Journal of management, 37(1), 39-67.
Contractor, F. J., & Kundu, S. K. (1998). Modal choice in a world of alliances: Analyzing organizational forms in the international hotel sector. Journal of International Business Studies, 29(2), 325-356.
Dacin, M. T., Hitt, M. A., & Levitas, E. (1997). Selecting partners for successful international alliances: Examination of US and Korean firms. Journal of world business, 32(1), 3-16.
Das, T. K., & Teng, B.-S. (1998). Between trust and control: Developing confidence in partner cooperation in alliances. Academy of Management review, 23(3), 491-512.
Deephouse, D. L. (2000). Media reputation as a strategic resource: An integration of mass communication and resource-based theories. Journal of management, 26(6), 1091-1112.
Dollinger, M. J., Golden, P. A., & Saxton, T. (1997). The effect of reputation on the decision to joint venture. Academy of Management review, 18(2), 127-140.
Erdem, T., & Swait, J. (1998). Brand equity as a signaling phenomenon. Journal of consumer Psychology, 7(2), 131-157.
Fama, E. F. (1991). Efficient capital markets: II. The journal of finance, 46(5), 1575-1617.
Fombrun, C. J., & Van Riel, C. B. (1997). The reputational landscape. 1(2), 5-13.
Geringer, J. M., & Beamish, P. W. (1988). The Relationship of Diversification Strategy and Internationalization with MNE Performance. Paper presented at the Academy of Management Proceedings.
Glaister, K. W., & Buckley, P. J. (1997). Task‐related and partner‐related selection criteria in uk international joint ventures. British Journal of Management, 8(3), 199-222.
Grant, R. M. (1991). The resource-based theory of competitive advantage: implications for strategy formulation. California management review, 33(3), 114-135.
Gulati, R. (1995). Does familiarity breed trust? The implications of repeated ties for contractual choice in alliances. Academy of Management journal, 38(1), 85-112.
Gulati, R., & Gargiulo, M. (1999). Where do interorganizational networks come from? American journal of sociology, 104(5), 1439-1493.
Hall, R. (1992). The strategic analysis of intangible resources. 13(2), 135-144.
Harrison, J. S., Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (2001). Resource complementarity in business combinations: Extending the logic to organizational alliances. Journal of management, 27(6), 679-690.
Heeley, M. B., Matusik, S. F., & Jain, N. (2007). Innovation, appropriability, and the underpricing of initial public offerings. Academy of Management journal, 50(1), 209-225.
Hennart, J. F. (1988). A transaction costs theory of equity joint ventures. Strategic management journal
, 9(4), 361-374.
Hitt, M. A., Dacin, M. T., Levitas, E., Arregle, J.-L., & Borza, A. (2000). Partner selection in emerging and developed market contexts: Resource-based and organizational learning perspectives. Academy of Management journal, 43(3), 449-467.
Hitt, M. A., Nixon, R. D., Clifford, P., & Coyne, K. P. (1999). The development and use of strategic resources. Dynamic strategic resources: Development, diffusion
integration, 1, 14.
Kahneman, D., & Egan, P. (2011). Thinking, fast and slow (Vol. 1): Farrar, Straus and Giroux New York.
Kogut, B. (1988). Joint ventures: Theoretical and empirical perspectives. Strategic management journal, 9(4), 319-332.
Lambe, C., & Spekman, R. (1997). The bases of alliance derived sustainable advantage: relationship and resources. Paper presented at the American Marketing Association Winter Conference Proceedings.119-125
Lambe, C. J., Spekman, R. E., & Hunt, S. D. (2002). Alliance competence, resources, and alliance success: conceptualization, measurement, and initial test. Journal of the academy of Marketing Science, 30(2), 141-158.
Lee, P. M. (2001). What's in a name. com?: The effects of ‘. com’name changes on stock prices and trading activity. Strategic management journal, 22(8), 793-804.
Li, S. X., & Rowley, T. J. (2002). Inertia and evaluation mechanisms in interorganizational partner selection: Syndicate formation among US investment banks. Academy of Management journal, 45(6), 1104-1119.
Lim, E. N. (2015). The role of reference point in CEO restricted stock and its impact on R&D intensity in high‐technology firms. Strategic management journal, 36(6), 872-889.
Mahoney, J. T., & Pandian, J. R. (1992a). The resource‐based view within the conversation of strategic management. Strategic management journal, 13(5), 363-380.
Mahoney, J. T., & Pandian, J. R. (1992b). The resource‐based view within the conversation of strategic management. 13(5), 363-380.
Malkiel, B. G., & Fama, E. F. (1970). Efficient capital markets: A review of theory and empirical work. The journal of finance, 25(2), 383-417.
McWilliams, A., & Siegel, D. (1997). Event studies in management research: Theoretical and empirical issues. Academy of Management journal, 40(3), 626-657.
Milbourn, T. T. (2003). CEO reputation and stock-based compensation. Journal of Financial Economics, 68(2), 233-262.
Park, N. K., & Mezias, J. M. (2005). Before and after the technology sector crash: The effect of environmental munificence on stock market response to alliances of e‐commerce firms. Strategic Management Journal, 26(11), 987-1007.
Porter, M. E. (1989). How competitive forces shape strategy. In Readings in strategic management (pp. 133-143): Springer.
Roberts, P. W., & Dowling, G. (2002). Corporate reputation and sustained superior financial performance. Strategic management journal, 23(12), 1077-1093.
Roy, J.-P., & Oliver, C. (2009). International joint venture partner selection: The role of the host-country legal environment. Journal of International Business Studies, 40(5), 779-801.
Sanglier, M., Romain, M., & Flament, F. (1994). A behavioral approach of the dynamics of financial markets. Decision support systems, 12(4-5), 405-413.
Saxton, T. (1997). The effects of partner and relationship characteristics on alliance outcomes. Academy of Management journal, 40(2), 443-461.
Shah, R. H., & Swaminathan, V. (2008). Factors influencing partner selection in strategic alliances: The moderating role of alliance context. Strategic management journal
, 29(5), 471-494.
Shrum, W., & Wuthnow, R. (1988). Reputational status of organizations in technical systems. American journal of sociology, 93(4), 882-912.
Smith, K. G., Grimm, C. M., Gannon, M. J., & Chen, M.-J. (1991). Organizational information processing, competitive responses, and performance in the US domestic airline industry. Academy of Management journal, 34(1), 60-85.
Spence, M. (1973). Job market signaling. Quarterly Journal of Economics, 87: 355-374.
Stiglitz, J. E. (2000). The contributions of the economics of information to twentieth century economics. The Quarterly Journal of Economics, 115(4), 1441-1478.
Thorndike, E. L. (1920). A constant error in psychological ratings. Journal of applied psychology, 4(1), 25-29.
Ulas, D. (2005). Motives and partner selection criteria for formulation of IJVs in high-technology industries in Turkey. Problems perspectives in management, 3, 10-21.
Weigelt, K., & Camerer, C. (1988). Reputation and corporate strategy: A review of recent theory and applications. Strategic management journal, 9(5), 443-454.
Williamson, O. E. (1996). The mechanisms of governance: Oxford University Press.
Zhang, Y., & Wiersema, M. F. (2009). Stock market reaction to CEO certification: The signaling role of CEO background. Strategic management journal, 30(7), 693-710.