کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
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1000484 | 937000 | 2012 | 17 صفحه PDF | دانلود رایگان |
In a well-known study of joint venture (JV) characteristics, Beamish (1985) compared the attributes and performance of JVs located in developed and developing countries. This study advances Beamish's (1985) work by circumventing some of its key limitations. It compares the structure and stock-market performance of two-party equity JVs across three host-country groups: (i) developed countries, (ii) newly industrialized countries, and (iii) developing countries (including Emerging markets and transition economies). Based on a cross-sectional sample of nearly 1100 JVs involving American firms and non-American partners, this study finds that JV characteristics diverge as well as converge vis-à-vis three host-country groups. Interestingly—unlike Beamish (1985)—differences in JV configurations across these groups do not result in differences in abnormal returns to American parents. However, some JV characteristics consistently influence firms’ shareholder value (albeit sometimes in opposite directions) whereas the valuation impact of other characteristics depends upon a particular host-country group.
Journal: International Business Review - Volume 21, Issue 6, December 2012, Pages 1173–1189