مدت زمان پیش بینی شده توسط قرارداد جوینت ونچر بین المللی:اول چشم انداز هزینه های معاملات

Many international joint ventures have a pre-determined duration in the formation contract. However, what influences the ex ante anticipated duration has not been well researched. In this study, we applied the autonomy versus cooperation adaptability of transaction costs economics to examine the pre-determined duration of joint ventures. We developed hypotheses based on the argument of asset specificity, small numbers problem, and environmental uncertainties. Based on a sample of 7049 international joint ventures in China (1979–1996), we find that the longer anticipated duration is associated with bigger asset investment, higher local government affiliation, and lower host country risk. This study provides new insights on the research regarding the longevity of joint ventures.

A joint venture is a contractual arrangement that forms a separate legal entity in which parent firms hold ownership interests (Murray and Siehl, 1989). Firms that form joint ventures in foreign markets have diverse strategic objectives (Porter, 1985), including the need to seek collaboration when they lack the resources needed to enter a market or to strengthen their current positions in a market (Kogut, 1991), to adhere to host market requirements, and as real option to expand because joint ventures may be designed as mechanisms to exploit, as well as to buffer, uncertainty in a foreign market (Folta and Miller, 2002, Kogut, 1991 and Richards and Yang, 2007). Accordingly, joint ventures are considered as transitional form of governance. To consider joint ventures as a transitional form of governance implies that joint ventures involve the adaptability or flexibility considerations regarding the duration of the joint venture.