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臺大管理論叢
第
27
卷第
3
期
189
The third potential issue is to investigate how alliances with a famous firm change a
focal firm’s corporate governance, the degree of analyst following, the volumes of stock
trading, or an increase in institutional investment. Finally, extant research in management has
switched the focus from a single alliance to the alliance portfolio. An increasing number of
firms deal with a dynamic market as well as rapid technical changes, and develop
competitive advantages by adopting various alliances. While a firm has to face multiple
alliances, little extant research has focused on this issue. Future research may further
investigate how a firm manages its alliance portfolio (Lavie, 2007; Wassmer, 2010;
Majchrzak et al., 2015).
4. Conclusions
This study reviewed the literature on external growth strategies, including M&A, joint
ventures and strategic alliances. Moreover, we pointed out the characteristics of the
Taiwanese sample, such as weak investor protection, concentrated ownership, a prevalence
of family businesses, supply chains with closed networks and business groups. The attributes
of the Taiwan market provide scholars with good opportunities to study niche acquisitions
and alliances. Through systematic analysis, this study sheds light on potential future research
topics related to M&A and alliances based on data collected in Taiwan.