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This event study analyses stock market reactions of 621 ad-hoc notifications announcing interorganizational cooperative agreements issued by stock listed German firms between 1999 and 2007. Besides testing the general relationship between ad hoc notifications of interorganizational cooperations and stock market response this study is the first one analyzing different institutional types of cooperational agreements for the German stock market. The announcement cooperational agreements results in significant positive mean abnormal returns. Surprisingly, announcements of contractual partnerships yield the highest abnormal returns compared to alternative forms combined with equity stakes. Obviously, shareholders do not necessarily relate better control of interorganizational cooperation to ownership.

The impact of different types of interorganizational co-operation on shareholder value – the case of Germany