The issue of Japan's heavy dependence on Middle Eastern oil has attracted a lot of attention in the political and academic circles for the reason that Japan is the second biggest consumer and the largest importer of oil in the world. Consequently, any action by Japan would not only have a major impact on petroleum markets, but also on international relations, security and on the Middle East itself. In the late 1960s Japan began negotiations with Iran, her biggest oil supplier at that time, about the establishment of a petrochemical joint venture. These negotiations led to the creation of the Iran Japan Petrochemical Company (UPC) in 1973. This study examines the different reasons why the main partners, Mitsui Bussan of Japan and the National Petrochemical Company of Iran as well as their respective governments, were so interested in the idea of a joint venture. It traces the troubled history of UPC from the preliminary negotiations in 1968, through two decades which saw the Iranian Revolution and the setting up of an Islamic state, the Iran-Iraq War, and two oil crises, until its dissolution in 1990. The research reveals conflicts of interest between Japanese and Iranian motivations behind the venture, between the goals of the privately owned Mitsui Bussan and the state-run National Petrochemical Company as well as their contrasting organisational and managerial styles, which led to the failure of UPC and its eventual dissolution. Using the case of IJPC as an example, the study argues that the setting up of a joint venture of this nature was an inappropriate response to the main purposes of each nation, i.e. the Japanese desire for a stable oil supply and the Iranian desire for rapid industrialisation and transfer of technology. Finally, it suggest alternative policies through which each country could achieve its respective ambitions.

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This study investigates international equity joint ventures (IJVs) and South African partner firm value creation at formation. In addition, it tests whether four contentious formation characteristics, namely, the geographical location of the IJV partner, the level of economic development in the IJV partner’s home country, the level of equity held by the South African firm and the industry of the South African firm, can explain when South African IJVs are value enhancing and when they are value diminishing. IJVs are a popular business mode and an important channel for infrastructure and skills investment in developing countries. However, despite their popularity and potential social benefits, these IJVs are predominantly created by the decisions of private firms to collaborate with foreign firms and governments. Consequently the preservation and development of the IJV investment channel is dependent on the encouragement of private firm IJV participation. It is at uncovering potential tools to encourage IJV participation by South African firms that IJV firm value creation becomes important because it stands as a motivator for South African firms’ involvement in IJVs. Existing literature on IJVs and partner firm value has presented conflicting evidence with support for the views that they are value enhancing, value diminishing or of no immediate consequence to their partners’ firm value. Consequently, previous research offers limited firm value support for IJVs. For South African firms considering joint ventures and national policy makers determined to promote IJVs there is a need for an investigation of South African partner IJV firm value effects. Moreover, it is also necessary to test potential explanatory variables that may help to explain when the IJVs are value enhancing and when they are not as this will inform IJV contract negotiations and how limited national government resources are used to promote IJVs. In order to assess firm value creation for South African firms this study performed event studies on IJV formation announcements from 1998 to 2011 using daily share returns from the Johannesburg Securities Exchange taking care to incorporate recent developments in the event study methodology. The study found that while the market responds to IJV announcements, its responses do not, on average, reflect that IJVs are firm value enhancing for their South African partners at formation. This stands in contrast to considerable empirical literature and IJV firm value creation theory. In addition, factoring in formation characteristics, argued to potentially help explain cases of value creation and destruction from IJVs, provided limited explanation for positive and negative wealth effectsfor South African firms entering IJVs. This result has important value for IJV participants, national economic policy makers and IJV researchers. For IJV participants and national policy makers, the results caution unfettered entry/support for IJVs and challenge the role of equity distribution in determining the value of the IJV to its partner firms. For IJV researchers, the results present new evidence questioning IJV firm value creation at formation and provide a potential explanation for the conflict in previous IJV research. The study makes four key contributions to the existing knowledge of IJV firm value creation. Firstly, it assesses IJV wealth effects for the hitherto untested South African IJVs. Secondly, in doing so it adds a new data set (South African IJVs) to the current IJV literature. Thirdly, in reviewing the literature on IJV firm value creation the study presents a disaggregated model of IJV firm value creation from which to develop IJV research and potentially solve the persistent conflict in empirical results on IJV partner wealth effects. Finally, it informs future South African IJV agreements by uncovering factors that influence and do not influence partner wealth effects for South African firms.

Submitted by Núcleo de Pós-Graduação Administração (npgadm@ufba.br) on 2017-08-10T17:25:55Z No. of bitstreams: 1 Eduardo Gusmão de Melo.pdf: 1094323 bytes, checksum: 8d75af7fe009246876d158f7e3641cef (MD5) / Approved for entry into archive by Maria Angela Dortas (dortas@ufba.br) on 2017-08-10T20:02:52Z (GMT) No. of bitstreams: 1 Eduardo Gusmão de Melo.pdf: 1094323 bytes, checksum: 8d75af7fe009246876d158f7e3641cef (MD5) / Made available in DSpace on 2017-08-10T20:02:52Z (GMT). No. of bitstreams: 1 Eduardo Gusmão de Melo.pdf: 1094323 bytes, checksum: 8d75af7fe009246876d158f7e3641cef (MD5) / O presente trabalho trata das parcerias em formato de consórcios de exploração e produção de petróleo e gás. A partir da evolução da indústria petrolífera, procura-se discutir o formato das “joint ventures” atuais. O referencial escolhido versa sobre as perspectivas teóricas dos custos de transação, aprendizado organizacional e o comportamento estratégico, que permite chegar ao tripé indústria, recursos e instituições, o qual subsidiou um estudo de caso no Consórcio Manati na Bahia, operado pela Petrobras e composto pela Queiroz Galvão Exploração e Produção, Norse Coplex e Brasoil. Os resultados mostram que os recursos possuídos por atores-chave do consórcio, notadamente a competência técnica e sua habilidade para lidar com as instituições formais e informais, constituem-se em elementos-chave que ajudam a explicar os resultados (não somente financeiros) do Consórcio Manati. / The present paper deals with partnerships in the form of consortium exploration and production of oil and gas. From the evolution of the oil industry, it aims to discuss the format of "joint ventures" arrangements in the field. Based on the strategic management tripod, we analyze a real case study in the oil and gas industry: the Manati Consortium in Bahia, which is operated by Petrobras and composed by Queiroz Galvao Exploration and Production, Norse Coplex and BRASOIL. The results show that the resources owned by a consortium of key stakeholders, notably the technical competence and ability to handle formal and informal institutions are key elements that help to explain the results (not exclusively financial) of the Manati Consortium.

Ce travail de recherche doctoral vise à examiner les interactions entre les multinationales, les entreprises algériennes et leurs firmes communes et identifier l’impact sur la structure et la culture développée au sein de celle-ci.Il vise également à examiner les caractéristiques de la structure et de la culture des alliances dyadiques internationales et comprendre leurs spécificités dans le contexte algérien.Enfin, un autre objectif assigné est l’examen du modèle décisionnel au sein de l’alliance et l’identification des rôles joués par la joint-venture, le parent local et la multinationale.Pour ce faire nous partons du constat, issu de la littérature, stipulant que les multinationales en position de force, chercheront à imposer leur modèle de structure à la firme commune et de développer leur culture d’origine au sein de celle-ci. Elles chercheront également à dominer la relation et centraliser l’ensemble des décisions.A partir d’une étude de deux cas d’alliances, l’un conclu dans le secteur hôtelier avec une multinationale française et l’autre conclu dans le secteur pharmaceutique avec une multinationale américaine, nous démontrons que ces constats théoriques, ne sont que partiellement confirmés au sein des alliances étudiées.Cette recherche effectuée s’est insérée dans un travail de terrain, avec une étude à la fois qualitative et quantitative, sur un territoire algérien, où aucune étude similaire n’a été conduite, à notre connaissance.Nous démontrons que la multinationale impose sont modèle organisationnel, mais ne parvient pas entièrement à développer sa culture commune au sein de l’alliance.Nous démontrons également que les multinationales dominent certaines décisions managériales et partagent d’autres avec le partenaire local. Et que lorsque la multinationale tente de dominer l’ensemble, des représailles concurrentielles peuvent être envisagées par l’allié et toucher ses intérêts.Nous avons également dégagé, des caractéristiques de la structure et de la culture des alliances internationales, étudiées en contexte algérien.D’un autre côté, l’étude des alliances dyadiques internationales en contexte algérien ; semble faire apparaître l’existence de différences de comportement de l’alliance et du parent local, en fonction du statut « public » ou « privé » de ce dernier. / This work of doctoral research aims to examine the interactions between multinationals, Algerian companies and their common firms and identify the impact on the structure and culture developed within it. It also aims to examine the characteristics of the structure and culture of international dyadic alliances and understand their specificities in the Algerian context.Finally, another objective it is reviewing the decision model in the alliance and the identification of the roles of the joint venture, the local parent and the multinational.To do this we assume acknowledged, in literature, stipulating that multinational position of strength, seek to impose their structure model to the common firm and develop their own culture within it. They also seek to dominate the relationship and centralize all decisions.From a study of two alliances, one found in the hotel sector with a French multinational and the other found in the pharmaceutical sector with a US multinational, we demonstrate that these theoretical findings, are only partially confirmed within the studied alliances.This research is inserted into field work with a study of both qualitative and quantitative, on the Algerian territory, where no similar studies have been conducted, to our knowledge.We demonstrate that the multinational imposes its organizational model, but fails to fully develop its common culture within the alliance.We also demonstrate that multinationals dominate certain managerial decisions and share more with the local partner. And when the multinational is trying to dominate the whole, competitive retaliation may be considered by the ally and touch his interests.We also cleared, the characteristics of the structure and culture of international alliances studied in Algerian context.On the other hand, the study of international dyadic alliances Algerian context; seems to reveal the existence of differences in behavior of the alliance, depending on the status of "public" or "private" of the local parent.

No / This paper analyses the differences in the way partner firms assess the performance of international joint ventures (IJV). It is argued that an understanding of these differences is important for the practice of, and for research into IJV management. From a managerial point of view, firms, as well as IJV management, need to know how the partners evaluate the venture's performance. From a research perspective such differences can distort the results of studies that compare the performance of IJVs with other organizational designs or aim to identify the determinants of IJV performance. A multiple constituency approach is employed to develop hypotheses and test them using empirical data gathered through a questionnaire survey among 110 managers of German¿Chinese joint ventures (GCJV) in the People's Republic of China. This is supplemented by qualitative data gathered through in-depth interviews with 25 managers. The findings highlight a number of differences regarding the way in which partner firms assess the performance of IJVs that are relevant for practice and research.

The purpose of the study is to empirically investigate the effect of international joint venture formation on shareholder wealth. The period under investigation was from 1972 to 1987. Based on the theoretical and empirical researches done in this area, several hypotheses were tested. The statistical significance of the capital market reation to the joint venture formations was examined by using the standard event study methodology. The Ordinary Least Squares method was used to estimate the coefficients of each firm's market model parameters. The results, in general, support the wealth effect of international joint venture formation. The capital market seems to react to the unexpected information of the international joint venture formation announcements. There is evidence to indicate that international joint ventures will provide firms' shareholders with positive net present values.

ENGLISH ABSTRACT: On 27 September 2010, the much anticipated entry of Walmart to the South African retail sector was announced. Walmart Stores Incorporated publicised that they would make a non-binding offer of R148 per share for the entire number of Massmart Holding’s outstanding shares. The offer presented a premium of 19.2 percent and valued Massmart at R31 billion rand. Walmart later altered the offer to purchase 51 percent of the outstanding shares at the same offer price which Massmart consequently accepted. This concluded the largest investment by an American company, the tenth largest corporate transaction in South Africa and the fifth largest acquisition by Walmart. From a Massmart shareholders’ perspective, was it the correct decision to accept Walmart’s offer? Academic literature suggests that most mergers and acquisitions fail to live up to their expectations and ultimately fail to create shareholder value. Some of the most common reasons listed are the failure to determine the fair market value of an acquisition and engaging in mergers and acquisitions for the wrong reasons. Another common pitfall is that valuation methods in general do not link the company’s strategy to the valuation process, to assess the potential impact of the merger or acquisition on company performance. This case study based research report analyses the Walmart-Massmart acquisition to review Walmart’s offer price. The analysis links both companies’ business model and strategy to the valuation process, to determine the outcome on shareholder value within Massmart following the acquisition.

published_or_final_version / Business Administration / Master / Master of Business Administration

published_or_final_version / Business Administration / Master / Master of Business Administration