✦ LIBER ✦

AGENCY COSTS AND THE PERFORMANCE IMPLICATIONS OF INTERNATIONAL JOINT VENTURE INTERNALIZATION

✍ Scribed by JEFFREY J. REUER; KENT D. MILLER

Publisher: John Wiley and Sons
Year: 1997
Tongue: English
Weight: 157 KB
Volume: 18
Category: Article
ISSN: 0143-2095
DOI: 10.1002/(sici)1097-0266(199706)18:6<425::aid-smj878>3.0.co;2-#

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✦ Synopsis

Recent studies have examined the determinants of international joint venture (IJV) formations and stock market reactions to such investments. Less is known, however, about the evolution of IJVs and the attendant performance implications for parent firms. This paper examines one specific type of IJV evolution, IJV internalization, whereby one firm acquires the IJV by buying out its partner(s). Standard agency theory variables are hypothesized to influence parent firm valuation effects. The results indicate that parent firm valuation effects are positively related to the parent firm equity owned by insiders and the interaction of debt financing and free cash flow.

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