Unintended change of ownership structure and acquisition of IJVs: the effect of initial structural conditions

IF 2.2 4区管理学 Q3 BUSINESS

Multinational Business Review Pub Date : 2023-03-24 DOI:10.1108/mbr-06-2022-0086

Hamza Aib, Jacques Liouville, Hemant Merchant

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Abstract

Purpose The purpose of this study is to demonstrate the effect of initial international joint ventures (IJV) structural conditions on two main equity-based instability facets: change of IJV ownership structure and acquisition of the IJV by one of the IJV partners. Drawing on the transaction cost theory, the authors examine three key initial structural conditions: IJV formation mode, number of partners and IJV’s ownership structure. Design/methodology/approach The authors apply the “Event history analysis” technique to test the hypotheses using a data set of 140 French-foreign JVs. Findings The findings show that the mode of an acquisitive IJV and unequal equity positions held by partners increase the likelihood of a change of IJV’s ownership structure and its eventual acquisition by one of the partners. In addition, the findings show that while an increase in the number of IJV partners is directly related to the change of IJV ownership structure, it has a statistically insignificant effect on IJV acquisition. Originality/value Drawing on “transaction costs” arguments, this study advances the literature by offering fine-grained results related to the effects of initial structural conditions on aspects of unintended instability in French-foreign JVs.

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股权结构的意外变化与合资企业的收购:初始结构条件的影响

本研究的目的是证明初始国际合资企业(IJV)结构条件对两个主要的基于股权的不稳定性方面的影响:合资企业所有权结构的变化和合资企业合伙人之一收购合资企业。本文运用交易成本理论，考察了合资企业形成模式、合伙人数量和合资企业所有权结构三个关键初始结构条件。设计/方法/方法作者运用“事件历史分析”技术，使用140个法国外国合资企业的数据集来检验假设。研究结果表明，合资企业的收购模式和合伙人持有的不平等股权增加了合资企业所有权结构变化的可能性，并最终被合伙人之一收购。此外，研究结果表明，虽然合资企业合伙人数量的增加与合资企业股权结构的变化直接相关，但对合资企业收购的影响在统计上不显著。基于“交易成本”的论点，本研究通过提供与初始结构条件对法国-外国合资企业意外不稳定方面的影响相关的细粒度结果，推进了文献的发展。

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来源期刊

Multinational Business Review BUSINESS-

CiteScore

5.40

自引率

14.80%

发文量

期刊介绍： Multinational Business Review publishes high quality and innovative peer-review research on the strategy, organization and performance of multinational enterprise (MNE), international business history, geography of international business, and the impact of international business on economic growth and development. The journal encourages papers that are cross-disciplinary in nature, and that address new and important issues in international business. Multinational Business Review also promotes research on under-represented regions such as Africa, Central and Eastern Europe, Latin America, and South East Asia and their MNEs, as well as under-studied topics such as the role of trade, investment and other public policies. Specific topics of interest include innovation and entrepreneurship in an international context; corporate governance and ownership; social, environmental and political risk; the role of multilateral institutions; and the nature of emerging market multinationals. The title seeks strong conceptual studies, contributing to the advancement of theories and frameworks, and sound empirical work, whether qualitative or quantitative, suggesting managerial, economic or government policy recommendations. The journal encourages replication studies that contribute to our understanding of the reliability and validity of current knowledge. Finally, Multinational Business Review welcomes proposals for perspectives pieces that offer critical and challenging viewpoints; surveys of the literature particularly those that use new and innovative bibliometric methods; and special issues on topics of relevance to Multinational Business Review.