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首页> 外文期刊>Research in International Business and Finance >Explaining equity shares in international joint ventures: Combining the influence of asset characteristics, culture and institutional differences
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Explaining equity shares in international joint ventures: Combining the influence of asset characteristics, culture and institutional differences

机译：解释国际合资企业的股权：结合资产特征，文化和制度差异的影响

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摘要

This paper investigates the determinants of the observed contracted equity share ownership structure in international joint ventures (IJVs). We propose that the inherent intangibility of the assets that partner's contribute to the IJV, and both formal (legal) and informal (cultural) institutional differences between partners contribute to explaining the negotiated division of the IJV's equity share. Empirical results from 442 UK-based home-foreign lJVs, indicate that an IJV partner's equity share ownership is positively correlated with the intangibility of the assets they contribute to the IJV relative to those of the second partner. Both cultural and formal institutional differences exert a moderating influence on the observed asset intangibility-equity share relationship for the foreign IJV partner. We attribute this finding to both risk perceptions and the liability of foreignness.
机译：本文研究了国际合资企业（IJV）中观察到的合同股权结构的决定因素。我们认为，合伙人对合资企业贡献的资产固有的无形性，以及合伙人之间正式（法律）和非正式（文化）制度上的差异都有助于解释合资企业股权的谈判分配。来自442家总部位于英国的外国合资企业的经验结果表明，与第二个合伙人相比，一个合资公司合伙人的股权与他们为该合资公司贡献的资产的无形性正相关。文化和形式上的制度差异都对外国合资企业合伙人所观察到的资产无形-权益分享关系产生了适度的影响。我们将此发现归因于风险感知和异国责任。

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