Empricel Study on Managerial Performance of International Acquisition, Merger, Joint Ventvres and Wholly Owned Investment

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Firstly, by using Japanese manufacturing and service subsidiaries in U.S., and Latin America, there are differences of managerial characteristics between area and industry, end firm specific advantages and internalization advantages of parent companies have positive influence on performance of subsidiaries but no direct relationship between entry mode and performanceSecondly, by using data of Japanese manufacturing subsidiaries in NAFTA, Europe and NIEs in 1998, negative relationship between entry mode and performance are shown in NAFTA but both Europe and NIEs show no direct relationship. By overall comparison, joint ventures show better performance than wholly ownershipThirdly, by suing 1992-2000 data of Japanese manufacturing subsidiaries in Europe, parent companies take form of joint venture than wholly ownership when their size is larger and when they operate longer experience. Moreover, when subsidiaries deal same product with parent companies, they take more form of wholly ownership