EXECUTIVE PREFERENCES FOR GOVERNANCE MODES AND EXCHANGE PARTNERS: AN INFORMATION ECONOMICS PERSPECTIVE

• 成果类型: Article
• 署名作者: Reuer, Jeffrey J.; Tong, Tony W.; Tyler, Beverly B.; Arino, Africa
• 署名单位: Purdue University System; Purdue University; University of Colorado System; University of Colorado Boulder; North Carolina State University; University of Navarra; IESE Business School
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2064
• 发表日期: 2013
• 页码: 1104-1122
• 关键词: International joint ventures; acquisitions; Information economics; Organizational economics; experiments

摘要

This study investigates how executives address information asymmetry and adverse selection surrounding international joint ventures (IJVs) and acquisitions. We argue that executives can address such exchange hazards not only through their governance decisions, as prior research indicates, but also through their selection of exchange partners. Our experimental design complements prior research on firms' governance choices in three ways: (1) by incorporating multiple potential exchange partners rather than taking a single partner as given for a realized transaction; (2) by accommodating multiple potential entry modes to address interdependencies across governance structures; and (3) by providing direct evidence on executives' assessments of IJVs and acquisitions. We join together organizational governance research and decision-making research on IJV partner selection, two literatures that have largely developed separately. Copyright (c) 2013 John Wiley & Sons, Ltd.