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.

As German organisations expand their businesses into China, the potential risks associated with a lack of fit in management styles among International Joint Venture (IJV) partner-firms have become increasingly obvious to academic researchers, human resource professionals and partner-firm managers themselves. The general consensus among researchers and practitioners is that cultural differences in management styles are a major deterrent to the success of IJVs. Limited research has been undertaken to specifically examine and identify how partner-firm managers can overcome this barrier in Sino-German IJVs.

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.

Yes / Despite the significant role that multiparty international joint ventures (MPIJVs) play within multinational enterprises, we know little about the significant challenges associated with the management of these ventures. Therefore, we combine the Resource-based View of the Firm and Transaction Cost Economics to investigate the effects of the key aspects of partner diversity (i.e., variety, balance, and disparity) on MPIJV dissolution. We test our hypotheses using a dataset of 248 MPIJVs in China. We find empirical support for a U-curve shaped effect of variety and a negative linear effect of balance on MPIJV dissolution.

Dans un contexte de globalisation des marchés, les partenariats inter-firmes et les joint ventures internationales (JVI) se sont considérablement développés à l’échelle mondiale. La littérature montre qu’en dépit des nombreux avantages offerts aux entreprises, ces stratégies demeurent risquées avec un niveau de performance hétérogène. Dans le cadre de cette recherche doctorale, nous proposons d’étudier l’impact des conditions initiales sur la longévité et les modalités de sortie des joint ventures implantées dans les pays de la Méditerranée. Dans cet objectif, nous avons retenu une perspective holistique en mobilisant trois ensembles de variables : l’environnement de la structure commune, les caractéristiques des partenaires et celles de la joint venture. Ces conditions initiales, prises en compte au moment de la formation de la relation, sont considérées comme des éléments « déstabilisateurs » influençant la durée de la relation partenariale. Afin de déterminer l’influence de ces variables, nous avons construit une base de données, à partir de la presse économique. L’échantillon est constitué de 124 JVI implantées dans huit pays de la région méditerranéenne et créées entre 1996 et 2003. Les analyses statistiques de survie nous ont permis de montrer que le type des JVI (JVI créées par des investissements greenfield ou par acquisition) et le degré de similarité des activités entre le partenaire étranger et la JVI exercent une influence significative sur la longévité. / Inter-firm partnerships and international joint ventures (IJV) have developed significantly at the global scale. Previous studies show that, despite their benefits, these strategies remain risky, with a heterogeneous level of performance. In this doctoral dissertation, we aim to analyze the impact of initial conditions on longevity and exit modes of joint ventures established in Mediterranean countries. For this purpose, we have chosen a holistic approach by using three sets of variables: the environment of the common structure, the characteristics of the partner companies and the characteristics of the joint venture. Such initial conditions, under which IJVs are formed, are considered as "destabilizing" factors influencing the duration of the partnership. In order to determine the influence of these variables, we created a database, relying on the international business press. The sample includes 124 IJVs which were formed between 1996 and 2003 and implemented in eight countries of the Mediterranean region. Survival analysis shows that the type of IJV (created by greenfield investments or by acquisition) and the industry relatedness of an IJV to its foreign parent have a significant influence on longevity.

有鑒於中國政府相關政策限制或是中國市場獨特的機會和風險，合資企業(Joint Ventures,JV)一直是外商直接投資中國相當重要的一種形式。就實務上而言，在企業的國際化過程中，廠商經常為因應快速的技術創新與市場的全球化，或為降低風險、規避地主國政府限制、學習等因素，而與地主國之企業合作，其中國際合資(International Joint Ventures, IJVs)模式是最直接、最密切的合作形式，也是企業國際化時，最常採用的海外進入模式之一。 近年來，外商對華直接投資中獨資企業比重大幅上升，或併購中外合資企業中方資產、轉化為外商獨資企業或外商控股企業的案例迅速增加，外資對華投資的獨資化逐漸成為趨勢。外商為了獲得高利潤，基於制度變遷、資源依賴程度、企業的控制力、交易成本等方面的考慮，會傾向選擇獨資化的投資方式(李維安,李寶權，2003)。因此衍生出本研究之研究問題：「中外合資企業在中國運作多年後，何以外方能將合資公司轉變為外方100%獨資之公司？」 本研究試圖將IJVs形成目的、形成後階段與外資在中國合資企業中的獨資傾向做連結，嘗試去發掘是否因為一些預期或非預期因素，使得合資公司控制結構不平衡，進而造成於中國的中外合資公司獨資化現象。本研究將站在中方合夥人的角度，分析中外合資企業不穩定性的原因。 透過企業訪談及資料收集研究後，本研究整理出一些因素，這些因素有利於去解釋外商將它們與地主國企業之合資公司轉變為外商全資子公司的可能原因，解釋進入中國之後外商股權形式之轉變，另外也提供了獨資化現象的具體證據。 研究結果所討論的幾項外商獨資化因素因素： (一) 外方合資目的之達成 1. 政策開放 2. 已獲取當地市場知識 (二) 雙方資源貢獻不均 1. 外方提供關鍵技術 2. 外方之全球配銷系統所形成的獨佔力 (三) 外在環境開放對外方有利 1. 外在環境不確定性降低-地主國政策之改變 2. 產業競爭態勢之改變 (四) 夥伴關係不再重要 1. 中外雙方學習程度之不同 2. 外方逐漸降低對中方合資夥伴之依賴 上述任一項因素都會引起合資雙方談判力、雙方衝突及對合資夥伴之依賴程度發生變化，進而影響該合資公司之控制結構。 從本研究之個案就可以發現，因為上述幾項因素，隨著合資時間之增加，導致合資公司的中方雖然佔有跟外方相同的股份，卻會逐漸失去其在合資公司之相對談判力、擁有較低的合資公司管理控制程度。

International joint ventures (IJVs) have become popular because of their importance as a strategic alternative in global competition. Construction companies consider IJVs as a vehicle to enter new markets and exploit business opportunities. Being a special type of strategic alliance, IJVs offer partnering companies to combine the distinctive competencies and the complementary resources. Despite the benefits associated with IJVs, such entities are very difficult to manage mainly due to their inherent complexity, involving a mixture of different cultures, managerial systems, philosophies, and attitudes. As a result of these difficulties, the failure rate of IJVs is generally high. Therefore, measurement of the performance of IJVs has been an important research topic for a few decades. However there is no consensus on an appropriate definition of the indicators and determinants of IJV performance in construction. In this study, a framework is proposed to model the IJV performance in construction industry. A multi-dimensional performance measure is developed and determinants influencing the level of performance are defined. In this context, a questionnaire survey was administered to Turkish construction companies that have established IJVs with foreign partners. The validity of the proposed drivers and measures of performance is investigated and relationships between them are analyzed using the structural equation modeling technique. The results point out the significance of the inter-partner fit and the quality of partner relations for a successful IJV operation. The findings of the study also suggest that project-related factors have a moderate influence on IJV performance. In a properly designed IJV structure, partners with compatible skills, resources, and cultures are found to maintain good relations and are expected to achieve greater IJV success.

International Joint Ventures are important for international Business. In recent years, firms started to convert their International Joint Ventures into Wholly Foreign Owned Enterprises. However, there is only a limited understanding for the conversion of International Joint Ventures into Wholly Foreign Owned Enterprises. The purpose of this study is to offer reasoning for this phenomenon. The theoretical framework that was developed for this thesis is based on the FDI Motive theory and the OLI framework. From a methodological perspective, a deductive approach is followed. The qualitative research was using a multiple case study design to collect primary data to answer the research questions. The results of this study suggest, that two aspects of the FDI Motive theory have an effect on the International Joint Venture conversion into a Wholly Foreign Owned Enterprise. For the market seeking motive, firms believe to be able to better maximize their market share by taking full control over the subsidiary. Also, the resource seeking motive is in this thesis identified as an important reason for the conversions, as companies see especially advantages in taking full control over labour in those markets. However, the Strategic Asset Seeking and Efficiency Seeking motives are not included in the study. Also, several changes of OLI factors were identified as impactful for the conversion. The decrease of cultural difference between home and foreign market, the increase of perception of market size, gaining of international experience as well as the decrease of risk in the foreign market are all factors which are important for the reasoning of converting an International Joint Venture into a Wholly Foreign Owned Enterprise. In addition, no correlation between the conversion and the enforcing of contracts or the size of the company were observed in this study. Furthermore, this thesis suggests that there are also other factors that were not identified by the theoretical frameworks. Lack of trust in the partner, liberalisation of governmental regulations, bad financial performances of the International Joint Ventures and economic crises are aspects that have an influence on conversions as well. The findings of this thesis will help Swedish based firms to understand the phenomenon of firms converting their International Joint Ventures into Wholly Foreign Owned Enterprises in India and the People’s Republic of China.

International Joint Ventures are important for international Business. In recent years, firms started to convert their International Joint Ventures into Wholly Foreign Owned Enterprises. However, there is only a limited understanding for the conversion of International Joint Ventures into Wholly Foreign Owned Enterprises. The purpose of this study is to offer reasoning for this phenomenon. The theoretical framework that was developed for this thesis is based on the FDI Motive theory and the OLI framework. The results of this study suggest, that two aspects of the FDI Motive theory have an effect on the International Joint Venture conversion into a Wholly Foreign Owned Enterprise. For the market seeking motive, firms believe to be able to better maximize their market share by taking full control over the subsidiary. Also, the resource seeking motive is in this thesis identified as an important reason for the conversions, as companies see especially advantages in taking full control over labour in those markets. However, the Strategic Asset Seeking and Efficiency Seeking motives are not included in the study. Also, several changes of OLI factors were identified as impactful for the conversion. The decrease of cultural difference between home and foreign market, the increase of perception of market size, gaining of international experience as well as the decrease of risk in the foreign market are all factors which are important for the reasoning of converting an International Joint Venture into a Wholly Foreign Owned Enterprise. In addition, no correlation between the conversion and the enforcing of contracts or the size of the company were observed in this study. Furthermore, this thesis suggests that there are also other factors that were not identified by the theoretical framework. Lack of trust in the partner, liberalisation of governmental regulations, bad financial performances of the International Joint Ventures and economic crises are aspects that have an influence on conversions. The findings of this thesis will help Swedish based firms to understand the phenomenon of firms converting their International Joint Ventures into Wholly Foreign Owned Enterprises in India and the People’s Republic of China.

This paper investigates the links between institutional systems and the entry mode of Multinational Corporations (MNCs) in developing and transition countries (DTCs). An assessment is made of the reasons for the continuing use of international joint ventures (IJVs) in countries that have undergone reforms intended to lead to the development of wholly owned subsidiaries. The paper argues that formal and informal institutional constraints in DTCs lead to high transaction and uncertainty costs for MNCs, and that the use of IJVs is a rational response to attempt to lower these high costs. The paper follows the literature suggesting that IJVs are normally a `second best¿ entry mode in terms of the potential for foreign direct investment (FDI) to contribute to the development of DTCs. The reform process in Jordan is used to illustrate how institutional systems, especially informal institutional constraints, lead to high transaction and uncertainty costs. In the case of Jordan, this occurred despite a series of four reform packages seeking to reduce the institutional barriers to effective business activities. Interviews of 28 foreign companies provide the basis for an empirical assessment of the importance of both formal and informal institutional constraints and infrastructure problems. The paper includes an outline of a future research agenda that seeks to generalise and develop the results from Jordan to other DTCs.