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Cooperative ventures in emerging economies

机译：新兴经济体的合作企业

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Foreign market entry strategy involves choices about which markets to enter and how to do it. Most of the literature on foreign direct investment reflects an interest in ownership structure decisions and the risks foreign investing firm may face. As recognized in many studies, one set of risks arises from public expropriation hazards, a function of the ability of the host country's institutional environment to credibly commit to a given policy or regulatory regime. Empirical research has shown this hazard to have an impact on ownership levels. This study is a theoretical model that describes how multinational firms face moral hazard risk from their local partners and political risk from the host country when they decide to go abroad in a joint-venture alliance. I found that the greater the level of hazard expropriation, the lower the participation of the multinational firm in the final cash flow, except for when the multinational firm has the negotiation power and there is a high level of local investment protectionism. In that case, the multinational firm increases its participation in the final cash flow.
机译：外国市场进入策略涉及选择进入哪些市场以及如何进行的选择。关于外国直接投资的大多数文献反映了对所有权结构决策的兴趣以及外国投资公司可能面临的风险。正如许多研究所承认的那样，公共征用危害会产生一系列风险，这是东道国体制环境可信地致力于特定政策或监管制度的能力的函数。实证研究表明，这种危害对所有权水平有影响。这项研究是一个理论模型，描述了跨国公司决定以合资联盟的形式出国时如何面对本地合作伙伴的道德风险和东道国的政治风险。我发现，危害征用的水平越高，跨国公司在最终现金流量中的参与就越低，除非跨国公司具有谈判权并且当地投资保护主义程度很高。在这种情况下，跨国公司会增加对最终现金流量的参与。

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