文档介绍：EQUITYJOINT VENTURES AND THE THEORYOF
THE MULTINATIONALENTERPRISE
Paul W. Beamish*
Universityof WesternOntario
John C. Banks**
WilfridLaurier University
paper extends the internalizationapproach to the
theoryof the multinationalenterprise (MNE) to includean expanded
role for equityjoint the transactioncost paradigm
of Williamson,this paperexplains why joint venturesmay sometimes
be preferredover wholly owned presented is
empiricalwork on joint-ventureperformance in developingcountries
which demonstratesthat undercertain conditions joint venturescan
be the optimalmode of foreigndirect investment.
Joint venturesare the dominantform of anization for multinational
enterprisesin the developing countries (Vaupel and Curhan 1973), and are
frequentlybeing used by Fortune panies in the developed countries
(Janger 1980; Harrigan1985). In fact, for .-panies, all cooperative
arrangements(involving such thingsas licencesor local shareholders)outnumber
wholly owned subsidiariesby a ratio of 4 to 1 (Contractorand Lorange1987).
MNEs often preferjoint ventures over wholly owned subsidiariesregardless
of whether or not they are requiredby a host country as a condition of entry
(Beamish 1984). Nevertheless,fairly limited considerationhas been given to
the rationalefor equityjoint venturesin the theoryof the multinationalenterprise.
While recenttheoretical contributions utilizing the internalizationapproach have
significantlyadvanced our understandingof MNEs (Buckley and Casson 1976;
Casson, 1979, 1982; Rugman 1979), the theory offers only partialexplanations
of the ownershippreferences of MNEs for other than wholly owned subsidiaries
(Davidson and McFetridge 1985; Teece 1985; Thorelli 1986; Horstmannand
Markussen1986; Wells 1973). The purpose of this paper is to furtherextend
the internalizationapproach by providingan economic rationalefor joint ventures
* PaulW