The Impact of Alliance on Market Value of the Bio-pharmaceutical Firm in Korea

국내 제약·바이오기업들의 제휴가 기업의 시장가치에 미치는 영향

  • Kwon, Haesoon (School of Management of Technology, Sungkyunkwan University) ;
  • Lee, Heesang (School of Management of Technology, Sungkyunkwan University)
  • 권해순 (성균관대학교 기술경영전문대학원) ;
  • 이희상 (성균관대학교 기술경영전문대학원)
  • Received : 2017.01.03
  • Accepted : 2017.07.07
  • Published : 2017.07.31


This paper analyzed the impact of alliances on the market value of the 106 bio-pharmaceutical companies listed on the KOSPI or KOSDAQ in Korea by using the 'Event study methodology'. Although general alliances did not impact the corporate value significantly, in the analysis corresponding to the alliance type, R&D alliances created positive value, as technology acts as an important factor for the alliance. Among the R&D alliances, 'Technology Transfer alliances', in particular 'Development Technology Transfer alliances', had a positive influence on the corporate value. We interpret these differentiated results as market tends to screen for types of alliances. Meanwhile, we confirmed that the possibility of a stock price increase before the alliance announcement is high by analyzing the impact of the timing of corporate alliance announcements on the company value. It can be inferred that the possibility of information leakage is high. This paper analyzes the impact of alliances for managers and practitioners seeking to create value for domestic bio-pharmaceutical companies, and suggests the need to prevent information leakages by establishing a suitable policy.


Alliance;Bio-pharmaceutical industry;Event study methodology;Information leakage;Value


Supported by : 한국연구재단


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