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1.
This paper identifies and analyses some basic trends and patterns in international joint venture activity between UK firms and partner firms located in the Triad (North America, Western Europe and Japan) over the 1990–96 period. Several dimensions of UK international joint venture activity are examined: trends over time, geographic distribution of foreign partners, industry characteristics, the purpose of the venture, the number of partners and the UK partners' equity shareholding. The study serves to update and extend previous analyses of UK international joint venture activity with partners from developed market economies.  相似文献   

2.
From a sample of UK joint ventures with partners from Western Europe, the USA and Japan, dimensions of parent control of the ventures are considered by way of a taxonomy based on the mechanisms, extent and focus of control. The origins of the mechanisms of control identified in the study indicate that UK parents have not been sufficiently responsible for providing the mechanisms to allow them to exercise a greater leverage of control than that obtained by the foreign partners. The origins of the mechanisms of control also indicate relatively little autonomy for the managements of the joint ventures. Evidence from the study supports the view that joint venture parents seek to focus their influence of control over particular decisions and activities of the venture, rather than attempting to extend their control over the whole venture. The study considers the mechanisms and focus of control across the characteristics of the sample: contractual form of the venture, relative equity shareholding of the UK parent, time period of formation, nationality of foreign partner, industry group of the venture and broad purpose of the venture. Chi-squared tests show that there is little evidence of any systematic variation in the dimensions of control across the characteristics of the sample, the major exception to this being the relative equity shareholding of the UK parents.  相似文献   

3.
This paper examines how partners’ strategic objectives, inputs and competencies affect the learning they achieve in joint ventures and their ability to influence decision‐making in such ventures. Quantitative and qualitative research in 20 Sino‐British joint ventures permits an investigation of these factors for both British and Chinese joint venture partners. Findings indicate that the transfer by British partners of technology and managerial expertise to joint ventures enhances their ability to achieve their strategic objectives by influencing decisions in such ventures. The learning achieved by British partners depends on their commitment of strategic inputs to joint ventures and is therefore associated with their influence. The case of Chinese partners is different, because they look to learn from the knowledge and resource inputs provided by the British partners. They therefore rely more on legal ownership rights to retain an influence over joint venture decision‐making. The achievement of Chinese partners’ strategic objectives depends more critically on the quality of the partnership itself.  相似文献   

4.
Managing Instability in Cross-Cultural Alliances   总被引:5,自引:0,他引:5  
Cross-cultural alliances and the global reach that they can offer would appear to be the strategic answer to companies’ international ambitions. Yet many alliances are doomed to failure because of tensions between the partners. This paper takes a case study approach to explore why instability can emerge in cross-cultural ventures. The examples involve two Japanese joint ventures with local partners in the UK and in Malaysia. The authors find that key factors affecting stability are trust, conflict and dependence. The relative importance of these factors varies according to partner nationality: the main driver for joint venture stability for the Japanese is trust; for the British it is dependence; while in the Chinese Malaysian’s case both trust and dependence are important.  相似文献   

5.
This study examines the impact of industry structure on the foreign direct investment (FDI) entry mode decisions by multinational enterprises (MNEs) in manufacturing industries. We explore the notion that firms would seek to balance the risks due to industry structural barriers and liabilities of foreignness while seeking entry in international markets. A multinomial logistic regression model is used to test 336 entry decisions from 18 countries entering the United States over the period 1989–1994. Empirical evidence shows that underlying industries' structural characteristics influence a firm's preference for entry mode alternatives such as greenfield investments, acquisitions, and joint ventures. In concentrated and high-growth industries, foreign firms prefer entry by setting up greenfield operations rather than pursuing acquisitions or joint ventures. However, in industries characterized by high gross profits or higher plant scale, the preference is for joint ventures or acquisitions as an entry mode over greenfield operations.  相似文献   

6.
This study investigates whether firms benefit from prior alliance experiences as they undertake international strategic alliances. Different from previous studies that mostly focus on equity joint ventures, this study investigates non-equity alliances. This specific investigation is essential, because the complexity and uncertainty associated with such alliances potentially magnify the benefits of experiential learning. With a sample of 629 international, non-equity alliances formed by US firms, our results confirm the contribution of ISA experience in general, as well as that of experience specific to partner's country of origin and alliance activity type. The results also reveal a contingent benefit of ISA experiences, where experience of technological cooperation and experience with alliance partners from emerging countries both add more to firm value. We derive consistent evidence, as performance is assessed either by the market's perception of ISA value creation, or by the post announcement operating earnings in practice.  相似文献   

7.
This paper investigates approaches to decision making in international joint ventures (IJVs) from the perspectives of the transactions cost and resource‐based theories of the firm. In particular, the concept of autonomy in decision‐making in a sample of UK‐European equity joint ventures is examined. The study adopts a multi‐method personal interview and self‐administered questionnaire approach to examine managerial perceptions of decision‐making and autonomy in the parent firms and the joint venture. The findings show that there are differences in the perception of autonomy between each of the parent firms, and between the parent firms and the IJV management. When we unpack the nature of autonomy in detail, it is found that IJV managers have greater degrees of operational autonomy than strategic autonomy and that decision making by IJV managers takes place within the context of constraints set within the IJV's business plan. This confirms the transaction cost theory which posits that key internal markets (for management, technology and capital) will be under parent control and also supports the resource based view that key capabilities are protected under the business plan established by the parent firms. The influence on IJV autonomy of the moderating variables IJV performance and IJV duration are also examined.  相似文献   

8.
This paper identifies partner selection criteria in a sample of UK international joint ventures with Western European, US and Japanese partners. Rankings of selection criteria are derived for the sample using a typology that distinguishes between task-related and partner-related selection criteria. The most important task-related criteria are found to be access to knowledge of local market, access to distribution channels, access to links with major buyers and access to knowledge of local culture. The most important partner-related selection criteria are trust between the top management teams, relatedness of partner's business and reputation. A parsimonious set of selection criteria for the sample is provided by means of factor analysis. Hypotheses are tested on the relationship between the relative importance of selection criteria and a number of characteristics of the sample—partner nationality, industry of the joint ventures, joint-venture purpose, geographical location of the venture, initial approach for joint-venture formation and relative partner size. The greatest variation in the relative importance of selection criteria occurs with the geographic location of the joint venture.  相似文献   

9.
This paper draws on a risk analysis framework in order to develop a systematic understanding of the risks perceived by partners, and to investigate the implications of risk perception for the configuration of control, in the post-formation governance of international joint ventures. The key variables in this framework consist of six situational factors which are considered as potential antecedents of perceived risk: conflict, opportunism, cultural difference, dependence, partner fit, and ownership share; partner's perception of risk; and post-formation governance as a set of outcome variables. The framework is tested using a sample of international joint ventures located in Taiwan. The findings show that conflicts between partners, opportunistic behavior by the local partner, cultural differences, and perceived partner misfit are related to foreign partners' risk perceptions. This study suggests that when foreign partners face likely performance and partnership risks after an IJV is established, they tend to resort to tighter post-formation governance measures in order to increase or maintain their confidence in their joint ventures.  相似文献   

10.
这项研究以898个中外合资企业为样本,其中包括海外华资和来自西方文化背景的投资所建立的合资企业,分析了企业层面上的数据.假设文化能够影响企业进入的时间、行为和经营成果.通过AVONs分析和回归分析,结果表明了文化和技术资源的影响.  相似文献   

11.
This study examines the effects of the degree of industry globalization on international alliance formation in terms of the type of alliance chosen by partner firms and stock market responses to the chosen type of alliance. Using a sample of 244 international alliances formed between U.S. and non-U.S. firms for the 1992–97 period, we find that nonjoint venture (joint venture) alliances take place relatively more frequently in global (multidomestic) industries than in multidomestic (global) industries. We also find that in global industries, abnormal returns to nonjoint venture partners are relatively greater than those to joint venture partners, whereas in multidomestic industries, abnormal returns to nonjoint venture partners are relatively smaller, though insignificant, than those to joint venture partners. Our findings suggest that the degree of industry globalization plays an important role in explaining which type of international alliance is likely to be chosen by partner firms when entering an alliance and how stock markets tend to respond to the chosen type of alliance.  相似文献   

12.
Firms whose profiles of technologicalcompetence are complementary to one another are morelikely to enter into technology-based cooperativeagreements, and a broad level of technologicalcomplementarity is necessary for these agreements toextend as far as a mutual coordination of learningprocesses (combined research ventures). Using data onagreements between the world's largest firms in thearea of information technology (IT) and the patternsof technological specialization of these firms in theIT fields as revealed by their corporate patenting inthe US, we show that the technologicalco-specialization of firms helps to explain allianceformation, over and above the effects of anyco-specialization in IT products. While firms whosetechnological efforts are less complementary are lesslikely to cooperate for technology purposes, if theydo cooperate it is to exploit the differences in theirfields of expertise, and hence they are likely to usequasi-market organizational forms such as licensing,while the purpose of the alliance is restricted to anexchange of knowledge without any joint coordinationof learning (research). Instead, equity jointventures are likeliest when at a broad level ofaggregation the profiles of technologicalspecialization of partners are complementary, but ata more detailed level of disaggregation there is agreater distance between them, such that thecoordination of learning efforts is feasible, butrequires a stronger organizational commitment.  相似文献   

13.
International joint ventures (IJVs) enable foreign firms to complement their lack of local knowledge and resources by accessing their local partners' knowledge and resource bases. However, IJV formation is not simply a means of overcoming legitimacy-related challenges that stem primarily from a local market's unfamiliarity with foreign firms. This paper proposes that foreign firms can increase the legitimacy of their IJVs to facilitate local market penetration by building interorganizational linkages through which third parties and, especially, prospective customers in local markets can infer the viability and competence of IJVs. Our empirical analyses of manufacturing IJVs in Japan support our arguments.  相似文献   

14.
新创企业:大企业的“小版本”?   总被引:1,自引:0,他引:1  
许多人把新创企业当成“大企业的小版本”,认为大企业具备初创企业的一切重要特征,和新创企业有关的问题是实践的灵活性和适应性的问题,而不是理论的问题。本文认为,在新创企业如此重要的今天,沿用针对经营相对成熟稳定的大企业理论,来解决新创企业的经营问题和制定政府相应的创业支持政策,会造成严重的后果。本文从构成企业动态的四个维度——知识和技能、辅助性资产、企业内部过程以及企业的文化价值观——分别对比分析新创企业和已有企业的基本差异性,以有助于人们对新创企业形成更准确的认识。  相似文献   

15.
One of the most common ways in which SMEs internationalize their business is through the creation of joint ventures; nevertheless, many of these fail. To avoid this risk, it is important to identify the factors that favour the continuity of such enterprises. The aim of this paper is to analyse the factors related to organizational structure that determine the success of international joint ventures between SMEs in emerging economies, taking as the particular area of study the question of joint ventures between Spanish and Moroccan firms, located in Morocco. The research hypotheses were tested using a linear regression model applied to a sample of 210 international joint ventures. The results obtained from a structured survey show that, with respect to the success of the partnership, significant factors include the existence of majority ownership by the foreign partner, management by a local CEO and the effort made by each party to adapt to the management style of the other. This research contributes to the knowledge of the main factors related to the organizational structure of joint ventures that influence the level of success achieved. The value provided by this research lies in the breadth of the sample examined, in its focus on a very common type of partnership between SMEs, on which very little has been previously studied, and in the fact that the results obtained are extensible to other realities, such as partnerships between European companies and those from countries with similar characteristics (located in Africa or in countries where an Arab culture prevails).  相似文献   

16.
When investing abroad firms must choose betweengoing alone or with a partner – the so-calledownership structure decision. Additionally,firms can enter a new country by acquisitionsor by greenfield investments – the foreignestablishment mode decision. These twodecisions have traditionally been analyzedseparately in the literature on entry mode.What is more, this literature has much lessanalyzed hybrid entry modes, like partialacquisitions. The aim of this paper is toanalyze how the different factors analyzed inprior research influence the choice of entrymode when jointly taking into account fouralternative entry modes: greenfield whollyowned subsidiaries, greenfield joint ventures,full acquisitions and partial acquisitions. Theempirical analysis was carried out byestimating a multinomial logit model over asample of FDIs made by Spanish firms. Ourresults also contribute to the knowledge ofspecific patterns in the choice of entry modeby firms from late investor countries, likeSpain.  相似文献   

17.
This paper examines the effect of relational factors on knowledge transfer within strategic buyer–supplier exchange. Prior research examining inter‐firm knowledge transfer has focused almost exclusively on horizontal forms of governance such as strategic alliances and joint ventures, whilst research on vertical forms, such as buyer–supplier relationships, is limited. We test the effect of four important relational properties: cooperation, trust, relationship duration and supplier performance. Quantitative data, gathered from 104 UK manufacturing firms in eight industry sectors, are used to analyse the hypothesized relationships through a moderated hierarchical regression model. Our study provides support for the importance of considering relational factors in the transfer of knowledge at the inter‐organizational level. In particular, the results indicate that knowledge transfer is positively influenced by the extent of cooperation, but that this relationship is moderated by the level of trust and the performance of the supplier firm. Managerial implications for these findings and future directions for research are then offered.  相似文献   

18.
The family-controlled firm and the state-owned enterprise are the most common ownership structures in Asia. Foreign firms seeking local joint venture partners in Asia will, of necessity, face the prospect of allying with family-controlled firms. Family control in firms creates special concerns that alliance partners should anticipate. Signs of family stability, well-laid succession plans and clearly demarcated professional decision-making represent attractive characteristics for foreign partners. This article will examine the implications of these and other features for alliance partners, using case studies from Indian business. It will also suggest useful sources from which potential partners can obtain information on family-controlled firms.  相似文献   

19.
This study examines the competitive strategic choices of international joint ventures (IJVs) and their performance implications in a low-income emerging economy in Sub-Saharan Africa — Ghana. Using the resource-based view of the firm, it is argued that IJVs with partners from emerging economies are more likely to pursue an efficiency-oriented business strategy to strengthen their strategic positioning, competitiveness and performance. Conversely, IJVs with partners from advanced industrialized economies would be more likely to pursue a market effectiveness-oriented strategy to strengthen their strategic positioning, competitiveness and performance. The findings from 76 IJVs offer support for the hypothesized relationships. IJVs with partners from emerging economies implementing an efficiency-oriented strategy of cost leadership outperform those with partners from advanced industrialized economies implementing the same strategy. In contrast, IJVs with partners from advanced industrialized economies implementing a differentiation strategy outperform those with partners from emerging economies implementing a differentiation strategy.  相似文献   

20.
Venture Survival in a Transitional Economy   总被引:2,自引:0,他引:2  
Many formerly controlled economies have undergone discontinuous transformations in their approach to markets, institutional environments, and the role of government in economic activity. We study the factors that affect venture survival in a transitional economy through a two-stage study of private ventures in Hungary. We find that ventures survive under uncertainty, even without significant government support. Industry experience, networking activities, and the strategic orientation of the firms predict survival. Contrary to our predictions, SOE experience, access to infrastructure, and differentiation strategies do not significantly differentiate survivors.  相似文献   

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