Universal Journal of Management Vol. 3(5), pp. 198 - 209
DOI: 10.13189/ujm.2015.030504
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Cooperation in the Spanish Banking Industry: Factors Determining Value Creation

Nuria Alcalde ^*, Manuel Espitia , Nieves García
Department of Business Administration, University of Zaragoza, Spain

ABSTRACT

In the current work we consider the question of whether the differential benefits obtained by listed Spanish banks from their participation in alliances in the period 1996-1999 depend on the conditions under which these occur. From the results obtained we deduce that value generation is significantly greater when a bank announces an alliance with related partners, and in addition has an important previous experience in alliance management. However, the market reacts negatively to the announcement of agreements that use a relatively non-hierarchical governance structure in the presence of a high level of transaction complexity.

KEYWORDS
Cooperation, Value Creation, Event Studies, Transaction Costs, Spanish Banks

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Nuria Alcalde , Manuel Espitia , Nieves García , "Cooperation in the Spanish Banking Industry: Factors Determining Value Creation," Universal Journal of Management, Vol. 3, No. 5, pp. 198 - 209, 2015. DOI: 10.13189/ujm.2015.030504.

(b). APA Format:
Nuria Alcalde , Manuel Espitia , Nieves García (2015). Cooperation in the Spanish Banking Industry: Factors Determining Value Creation. Universal Journal of Management, 3(5), 198 - 209. DOI: 10.13189/ujm.2015.030504.