This paper examines the effect on the market valuation of large Dutch companies following the announcements of international strategic alliances during the period 1985-1992. The effects are distinguished by type of alliance and country of origin of the partnering firms. While international strategic alliances are generally found to have a positive effect on a company's market value, strategicall and culturally distant foreign partners generate a strong negative effect. The results underscore the importance of conducting a strategic, operational and cultural audit of the partnering companies and the envisaged partnership. The audit needs to be taken as a starting point in developing the essential co-operation skills to make the alliance work and should become integrated within a comprehensive performance scorecard.

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Journal Long Range Planning
Sleuwaegen, L.I.E, Schep, K, den Hartog, G, & Commandeur, H.R. (2003). Value creation and the alliance experiences of dutch companies. Long Range Planning, 36(6), 533–542. doi:10.1016/j.lrp.2003.08.012