Foreign ownership in joint ventures under knowledge leakage risks: The influence of industrial munificence and dynamism

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI:10.1016/j.mulfin.2023.100796

Tiancheng Hu

引用次数: 0

Abstract

This research investigates the role of industrial munificence and dynamism in foreign ownership of international joint ventures (IJVs) in emerging markets. Based on an investigation of 50,069 observations of IJVs in China, I find that foreign ownership in IJVs increases with industrial munificence and decreases with industrial dynamism in the local market. Moreover, while foreign firms with higher intangible asset intensity tend to hold higher foreign ownership in IJVs, industrial munificence positively moderates this relationship due to its role in enhancing the knowledge leakage risks. Furthermore, the roles of intangible asset intensity, munificence and dynamism on foreign ownership are more observable in industries with medium technology intensities and more liberalized FDI policies. The moderating roles of munificence and dynamism are not significant in IJVs with conventional local partners and foreign partners with Chinese cultural background.

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知识泄漏风险下合资企业的外资所有权：产业慷慨与活力的影响

本研究探讨了新兴市场中工业慷慨度和工业活力在外资持有国际合资企业(IJVs)中的作用。基于对中国50069家合资企业的调查，我发现外资在合资企业中的持股比例随着当地市场产业的丰富程度而增加，随着当地市场产业的活跃程度而减少。此外，虽然无形资产强度较高的外资企业往往在合资企业中持有较高的外资所有权，但产业慷慨会因其增加知识泄漏风险而正向调节这一关系。此外，无形资产强度、慷慨度和动态性对外资所有权的作用在技术强度中等和外国直接投资政策较自由化的行业中更为明显。在传统本土合作伙伴和具有中国文化背景的外国合作伙伴的合资企业中，慷慨度和动态性的调节作用不显著。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.