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Parent firm performance across international joint venture life-cycle stages

Author: Reuer, Jeffrey J. INSEAD Area: Strategy Series: Working Paper ; 98/88/SM Publisher: Fontainebleau : INSEAD, 1998.Language: EnglishDescription: 30 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The benefits that parent firms obtain from investing in international joint ventures (IJVs) can be reinforced or reduced by the management of later stages of collaboration. For instance, parent firms may end otherwise attractive IJVs prematurely due to organizational or competitive difficulties, may seek to correct an intitial market entry choice, or may use IJV termination as an adaptive response to new conditions. This paper presents an analysis of the shareholder wealth effects of IJV formation and five types of IJV termination for a sample of 215 cross-border ventures. The empirical findings challenge common assumptions in the IJV literature, contrast prior evidence on the performance implications of market entry and exit through acquisitions and divestitures, and demonstrate the value of intrgrating IJV life-cycle stages in future research.
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The benefits that parent firms obtain from investing in international joint ventures (IJVs) can be reinforced or reduced by the management of later stages of collaboration. For instance, parent firms may end otherwise attractive IJVs prematurely due to organizational or competitive difficulties, may seek to correct an intitial market entry choice, or may use IJV termination as an adaptive response to new conditions. This paper presents an analysis of the shareholder wealth effects of IJV formation and five types of IJV termination for a sample of 215 cross-border ventures. The empirical findings challenge common assumptions in the IJV literature, contrast prior evidence on the performance implications of market entry and exit through acquisitions and divestitures, and demonstrate the value of intrgrating IJV life-cycle stages in future research.

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