Alliance portfolios impact firm value: synergy rewarded, substitutes penalized.
The article explores how forming new alliances can impact a company's value based on the resources they bring in and how they fit with existing partnerships. The researchers studied the global air transportation industry to see how the market reacts to these new alliances. They found that companies are rewarded when they form alliances that complement their own resources and those of their existing partners. On the other hand, companies are penalized when they enter alliances that duplicate resources already in use by their partners.