The role of knowhow acquisition in the formation and duration of joint ventures

• 成果类型: Article
• 署名作者: Habib, Michel A.; Mella-Barral, Pierre
• 署名单位: University of Zurich; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhl007
• 发表日期: 2007
• 页码: 189
• 关键词: strategic alliances; term structure; moral hazard; DYNAMICS; COMPETITION; COOPERATION; valuation; partnership; governance; OWNERSHIP

摘要

We analyze the role of knowhow acquisition in the formation and duration of joint ventures. Two parties become partners in a joint venture to benefit from each other's knowhow. Joint operations provide each party with the opportunity to acquire part of its partner's knowhow. A party's increased knowhow provides the impetus for the dissolution of the joint venture. We characterize the conditions under which dissolution takes place, identify the party that buys out its partner, determine the time to dissolution, establish its comparative statics, and examine the implications of knowledge acquisition for the desirability of joint venture formation. (JEL code: G34)