Empirical Study on the performance of International Corporate Merger, takeover, divestiture, joint venture and wholly owned subsidiaries

国际企业并购、剥离、合资及全资子公司绩效实证研究

基本信息

批准号：
16530242
负责人：
HOSHINO Yasuo
金额：
$ 2.24万
依托单位：
University of Tsukuba
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (C)
财政年份：
2004
资助国家：
日本
起止时间：
2004 至 2006
项目状态：
已结题

项目摘要

We test the hypothesis that location factors have strong predictive power for mode of establishment and ownership choice of MNEs, by controlling for parent experience and capabilities in a sample of 751 manufacturing subsidiaries of 405 Japanese MNEs. In European countries, we find that host competitiveness, host culture type, and industrial growth are the most appropriate location predictors for entry mode. We create a profile of joint ventures, full acquisition and wholly owned greenfield modes and reveal how different strategic context interact with the location to determine the MNE expansion approach.International joint ventures (IJV) enable foreign firms to complement their lack of local knowledge and resources by accessing their local partners' knowledge and resource bases. This paper proposes that foreign firms can increase the legitimacy of their IJVs to facilitate local market penetration by building interorganizational linkages through which third parties and, especially, prospective customers in local market can infer the viability and competence of IJVs. Our empirical analyses of manufacturing IJVs in Japan support our arguments.Previous empirical researches on Japanese subsidiaries have found that wholly owned subsidiaries outperform joint venture based on conventional ownership classification of IJV. This paper examines entry mode based on non-conventional forms of JV, and the impact of ownership and internalization advantages on Japanese subsidiaries' performance in Brazil. The findings suggest that the Japanese-Japanese JV with a partner that has previous experience accumulated in the local market performed better than WOS and the traditional IJV.

我们测试了一个假设，即位置因素在751个日本MNE的751个制造子公司样本中控制父母的经验和能力，可以控制跨国公司的建立和所有权选择模式的强大预测能力。在欧洲国家，我们发现主机竞争力，寄宿文化类型和工业增长是进入模式的最合适的位置预测指标。我们创建了合资企业，全面收购和全资格林场模式的概况，并揭示了不同的战略环境如何与位置相互作用，以确定MNE扩展方法。国际合资企业（IJV）使外国公司能够通过访问本地合作伙伴的知识和资源基础来补充他们缺乏本地知识和资源。本文建议，外国公司可以通过建立组织间的联系来提高其IJV的合法性，从而促进当地市场的渗透，尤其是在这些联系中，第三方，尤其是本地市场中的潜在客户可以推断IJV的可行性和能力。我们对日本制造IJV的经验分析支持了我们的论点。对日本子公司的预览经验研究发现，基于IJV的常规所有权分类，全资拥有的子公司都超过了合资企业。本文根据合资企业的非规定形式研究了进入模式，以及所有权和内部化优势对日本子公司在巴西的表现的影响。研究结果表明，与WOS和传统IJV相比，与以前在当地市场中积累的经验的合作伙伴的日本合资合资企业的表现更好。