The Effect of International Strategic Alliances on Firm Performance before and after the Global Financial Crisis
This study examines how the 2008 global financial crisis (GFC) influenced the way international strategic alliances (ISAs) impact firm performance. We divide our sample of Korean listed firms into pre-GFC and post-GFC period groups and construct a regression model using return on equity and return on assets as dependent variables. Our empirical results demonstrate that the impacts differ across ISA types and are subject to market conditions. In unstable market circumstances, the demand for ISAs through licensing increases substantially, indicating that licensing has a more positive impact on firm performance than joint ventures or R&D alliances have.