[[abstract]]This paper investigates the relationships among merger and acquisition (MA), strategic alliances and organizational performance. This paper compares the influences of MA and strategic alliances from 1993 to 2008 on both stock price and trading volumes of underlying stock around the announcement date on Taiwan stock market. The empirical results indicate a strong relationship between strategic alliance event and SCAR and SCAV in electronics industries. The SAV results for MA events are positive and significant for non-electronics industries, and there is a strong relationship between MA event and SCAR and SCAV. Furthermore, among the listed companies, the SAV results for MA events and strategic alliance event are positive and significant, and there is positive effect in SCAR and SCAV for MA events, and there is also positive effect in SCAV for strategic alliance events.
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Lin et al. (2011) studied this question.