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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.

我们测试的假设，即位置因素有很强的预测能力的模式建立和所有权的选择的跨国公司，通过控制母公司的经验和能力的样本中的751个制造子公司的405个日本跨国公司。在欧洲国家，我们发现，东道国竞争力，东道国文化类型和产业增长是最合适的位置预测进入模式。我们创建了一个合资企业，全面收购和全资拥有的格林菲尔德模式的配置文件，并揭示了不同的战略背景如何与位置互动，以确定MNE expansion approach.International joint ventures（IJV）使外国公司能够通过访问当地合作伙伴的知识和资源基础，以弥补他们缺乏当地的知识和资源。本文提出，外国公司可以提高其国际合资企业的合法性，以促进当地市场的渗透，通过建立组织间的联系，第三方，特别是潜在的客户在当地市场可以推断的可行性和能力的国际合资企业。我们对日本制造业IJV的实证分析支持了我们的论点。以往对日本子公司的实证研究发现，独资子公司的绩效优于合资企业。本文考察了基于非传统合资形式的进入模式，以及所有权和内部化优势对日本子公司在巴西业绩的影响。研究结果表明，日本与日本合资企业的合作伙伴，有以前的经验积累在当地市场的表现优于WOS和传统的合资企业。