An Investigation of Control and Performance in U.S.-Chinese Joint Ventures

ABSTRACT

This study took an integrated approach to managerial control in international joint ventures (IJVs). The various control mechanisms used in U.S.-Chinese joint ventures were examined. The linkage between control and performance was empirically tested using a sample of U.S.-Chinese joint ventures established in China during the period of 1979–1989. The findings support the hypothesis that effective managerial control exercised by the U.S. partner over the joint venture operation is positively related to its performance. U.S.-dominant joint ventures significantly outperformed Chinese-dominant joint ventures, but no significant performance differences were found between U.S.-dominant joint ventures and shared management joint ventures.     

International Equity Joint Ventures in Ghana and Cote D'Ivoire

Abstract

This paper examines international equity joint ventures (IJVs) in West Africa, presenting data from 45 British and French alliances with local partners in Ghana and Cote D'Ivoire. A comparison with prior studies finds remarkable consistency in the characteristics of IJVs between firms from DCs and LDCs in the following dimensions: motives, instability, asymmetry in equity distribution, frequency of government association, source of CEO, autonomy in management. Differences in IJVs between developed and less developed countries appear cursory rather than fundamental and focus on MNEs' dissatisfaction with IJV performance, the control relationship, and level of equity.     

外商在中外合资合作企业中投资违约的实证研究

近几年外商在中外合资合作企业中当年未按合同出资的比例占40%和50%左右,违约行为相当严重。本文选取8833家中外合资企业和合作企业,运用OLS和二元Logistic回归对外商的投资违约行为进行实证研究。该研究对我国企业和政府具有借鉴意义,有助于我国企业更正以往的错误操作,确定合理的合资合作策略,同时有助于政府明确管理合资合作经营的政策取向。     

Effects of the Value Chain in International Joint Ventures

Summary

This paper examines differences in the resource profile and experience of Sino-foreign joint ventures located in the two sectors: non-consumer electronics and fast moving consumer goods [FMCG]. It identifies key dimensions along which the two sectors differ and considers the implications for joint ventures. The impact of sectoral differences suggests that the industrial sector of China into which a foreign company invests is of consequence, especially for the business priorities of Chinese partners and for the ease with which a joint venture can be managed through the foreign partner's corporate network. Foreign partners are likely to find more flexibility, and a greater opportunity to influence joint venture management in the FMCG sector compared with non-consumer electronic sector. The physical and infrastructural features of the sectors appear to be particularly consequential for managing an investment in China, and they may be more significant than institutional factors.     

On the Choice of Royalty Rule to Cover Fixed Costs in Input Joint Ventures

In a model where two competing downstream firms establish an input joint venture (JV), we analyze how different royalty rules for covering fixed costs affect channel profits. Under running royalties, the downstream firms’ perceived marginal costs are above the true marginal costs since fixed costs are incorporated. We find that tougher competition between the JV partners may actually increase channel profit under such a scheme. However, lump-sum royalties are preferable if the competitive pressure is weak.     

中外合资企业控制权分配与绩效关系的实证研究

合资企业契约的不完备性决定了控制问题是合资企业的核心问题,合理的控制权结构可以帮助合资企业的母公司实现自己的战略目标,并且保持竞争优势。与之前研究不同的是,本文通过引入分割控制的概念,利用106家中外合资企业的数据对控制权分配与绩效之间的关系进行了实证检验。研究发现,合资企业的中方只对某些经营活动进行控制的分割控制,最有利于合资企业的中方实现战略意图。     

A Retrospective Study of Joint Ventures in Eastern Europe and the Former USSR

No abstract available for this article.     

Staged Development of Dynamic Capabilities: A Study of International Joint Ventures in India

This article investigates the microfoundations of different stages of development of dynamic capabilities (DCs) in international joint ventures (IJVs). We conducted case‐based research for three heterogeneous IJVs in the Indian life insurance space. Data collection involved detailed interviews and access to other archival data. Results offer interesting insights on (1) the process of the development of dynamic capabilities and (2) the relative importance of different stages in the development of dynamic capabilities. Sensing and seizing are the two stages in which dynamic capabilities are built, and reconfiguration/transformation is inherently subsumed within the stage of seizing. We also found that broad‐spectrum parental contribution across different functions impedes the development of dynamic capability. © 2016 Wiley Periodicals, Inc.     

美国对华直接投资的经济增长效应分析

自改革开放以来,我国利用外资取得了举世瞩目的成就。而随着外资规模的扩大和外商投资领域的拓宽,这股力量对我国的经济发展产生了越来越大的影响。美国对华直接投资是这股力量中的重要组成部分,而且与其他来源国的跨国资本相比,美资企业具有生产技术先进、管理水平高和单个项目投资规模大等特点。因此,本文在分析外商对华投资总体影响的基础上,着重探讨了美国对华投资对我国经济增长的影响。计量分析结果表明,国外资本的进入,对我国的长期经济增长会产生显著的促进作用,但美资进入却呈现出相反的效果:其在我国国内资本形成中所占比例的增长率每提高1个百分点,我国人均GDP的增长率将下降0.095个百分点。     

Risk in international business and its mitigation

While risk mitigation and management preparedness of MNEs have escalated to the top of the corporate agenda, international business literature is lacking pertinent conceptual and empirical studies. As an opener to this special issue, we offer several perspectives on country risk and its mitigation. We discuss conceptual and empirical challenges in researching risk in international business. We conclude with a commentary on the six papers included in this special issue on international business risk.     

我国中小型外贸企业外汇风险管理研究

人民币汇率风险的来临,使我国中小型外贸企业承受着一定的冲击,结合当前形势以及中小型外贸企业的自身特点．分析企业当前所面临的各种外汇风险以及中小型外贸企业管理外汇风险的必要性,对中小型外贸企业的外汇风险管理提出建议．以求有效地规避风险。     

International joint ventures and technology diffusion: Evidence from China

This paper investigates international technology diffusion through FDI by explicitly considering the ownership structure of FDI projects with detailed Chinese data. We find that international joint ventures (JVs) generate significantly positive technology diffusion effects, while wholly foreign-owned firms (WFOs) generate significantly negative competition effects. The differentiated impacts of JVs and WFOs are robust, heterogeneous and causal as shown by our instrumental variable estimation. As for the mechanisms, evidence suggests that JVs bring better technology to the host country, invest more in R&D and employee training, and also provide easier technology access to local firms than WFOs.     

Performance,Partner Relationship,and Ownership Change in International Joint Ventures: The Case of Korean Firms in Asia

This article examines how interorganizational factors in two-party international joint ventures (IJVs) affect subsequent IJV ownership changes. It specifically examines the primary impact of IJV performance and the moderating impacts of initial ownership structures, and duration. Utilizing a data set of Korean foreign direct investment, the authors find that the ownership structures of IJVs with lower performance are more likely to change. The authors also find that unbalanced ownership promotes subsequent ownership changes, whereas longer IJV duration retards ownership changes in even lower-performing IJVs. The findings imply that relational changes reflected in IJV ownership depend on shared bargaining power and relational solidarity.     

我国高新技术产业三资企业全要素生产率的估算和分析

本文利用1996年到2006年的数据和柯布——道格拉斯生产函数,估算了我国五个高新技术产业三资企业的全要素生产率、索洛剩余和各要素对产出的贡献率,结果发现在不同高新技术产业三资企业中,劳动力、资本和技术进步对产出增长的贡献份额是有差异的,但我国总体上是属于资本投资驱动型增长。详细地分析了技术进步对不同高新技术产业三资企业产出增长贡献份额不同的原因,并探讨了相应的对策建议,为我国进一步提高利用外资的质量和水平提供有益的思路。     

Market entry into Africa: Acquisitions and international joint ventures. Studies of foreign firms' market entry strategies,challenges, and performance in Africa

While the interest in investing in Africa is rising, the know‐how of business on the continent is very limited. There have been only recently few special issues focusing on sub‐Saharan Africa in the top international business journals: “Sub‐Saharan Africa at a key inflection point” (Thunderbird International Business Review 2009); “Contemporary developments in the management of human resources in Africa” (Journal of World Business 2011); “Contemporary challenges and opportunities of doing business in Africa” (Journal of Technological Forecasting and Social Change 2016); “Critical perspectives on international business in Africa (Critical Perspectives on International Business 2016); “Strategic Management in Africa (Global Strategy Journal, 2017); and “The internationalization of African firms (Thunderbird International Business Review 2016). The aim of this special issue is to advance understanding of international business in Africa and specifically focus on how foreign firms enter African markets via acquisitions and international joint ventures and extend knowledge of these market entry strategies and performance in Africa for research and for foreign firms intending to, or currently doing business in Africa. This guest editorial provides a summary of the five articles and one book review in this special issue categorized into three broad thematic issues: International joint ventures and acquisitions as market entry strategies in Africa; cross‐border investments of African firms; and theoretical underpinnings.     

1995-2006年美国对中国反倾销的实证分析

本文对比入世之前6年(1995-2000年)和入世之后6年(2001-2006年)美国对中国反倾销情况,从案件的申诉数量与金额、行业分布和裁决结果三个方面展开,重点分析入世后其变化趋势和可能的原因,并对中国企业在入世后如何应对美国反倾销变化提出一些建议。     

Relational Capital and Performance of International Joint Ventures in Vietnam

Relational capital (RC), which is defined as mutual trust, respect, understanding, and close friendship between individuals in a business partnership, is one of the foremost important elements of the international joint venture (IJV) relationship. However, only relatively few researchers have hitherto attempted to measure this concept or its antecedents and consequences on joint ventures (JVs). This article examines the links between RC and relational factors, such as inter-partner flexibility, cultural sensitivity, goal clarity, information exchange and conflict management, and how RC contributes to performance of the IJVs in Vietnam. Based on an extensive questionnaire survey, the study found significant relationships between these relational factors and RC and between RC and performance of the IJVs. The findings suggest that investment in RC between partners is critical for the success of the IJV. In this regard, this research highlights the mediating roles of inter-partner flexibility, goal clarity, and conflict management.     

Intra- and Inter-Cultural Conflicts in China: An Exploratory Study

This study examines the causes of intra- and inter-cultural organizational conflicts among Chinese and American managers in the mainland of China. We investigated conflict between members of the same culture (intra-cultural conflict) and conflict between members of different cultures (inter-cultural conflict). Intra-culturally, both American and Chinese noted self-interest as an important dimension of the cause of conflict. Inter-culturally, both American and Chinese noted cultural differences as an important dimension of the cause of conflict. The similarities between the American and Chinese dimensions were more striking than the differences. The intra-cultural findings reinforce the validity of early Western conflict theories?focusing on self-interest vs. other interest. The inter-cultural findings are partially consistent with intergroup theory and introduce new elements to conflict theory.     

Strategic Motives and Partner Selection Criteria in International Joint Ventures in Turkey

Abstract

This paper provides an analysis of two important aspects of international joint venture (IJV) activity between Western MNEs and local partner firms in Turkey. First, the strategic motives for IJV formation are investigated from the comparative perspective of Western firms and local partners. As hypothesised a number of significant differences are found in the relative importance of strategic motives between foreign partner firms and Turkish partner firms. Second, the paper considers criteria used by Western firms and Turkish firms when selecting IJV partners. As hypothesised a number of significant differences are found in the relative importance of selection criteria between foreign partner firms and Turkish partner firms. Third, the paper considers the relationship between selection criteria and strategic motives by examining a multiple regression model using the factors of selection criteria and the factors of strategic motives as dependent and independent variables respectively. There is some support for the hypothesis that the relative importance of the selection criteria varies with the strategic motives of the IJV.     

美国对外贸易的理念和货物贸易的基本格局

自由贸易是美国对外贸易的基本理念。贸易自由化是战后美国对外贸易政策的基本特征,原因在于贸易自由化每年给美国带来1万亿美元左右的收益。对美国货物贸易的基本格局可以从五个方面认识:美国是世界上进出口规模最大的国家;美国进口规模比出口规模对世界经济的影响更大;美国是世界上最大的贸易逆差国,享受了世界最多的物质财富;美国贸易条件的变动表明对外贸易格局有利于美国;美国进口规模扩大与产业结构升级的结合演变为美国结构性增长优势。