Post‐Formation Inter‐Partner Equity Transfers in International Joint Ventures: The Role of Experience
研究市场信号下国际合资企业合作伙伴如何调整股权，发现本地伙伴更可能按市场方向调整，但跨国公司的运营经验会改变这一格局。
Under what conditions is an IJV partner likely to acquire its counterpart's equity stake upon a market cue of more opportunities; or sell its own equity stake to the counterpart upon a market cue of fewer opportunities? The puzzle springs from the premise that, upon a market cue, both the MNE partner and the local IJV partner are motivated to appropriate value in a manner consistent with the direction of the market cue. However, only one partner can change the ownership share in its favor. Building on the real options logic and the experiential learning perspective, we suggest that the local partner is more likely to realign ownership share in its own favor, all else equal. However, an MNE 's cumulative operational experience overturns this. Our model is supported by data on Japanese automotive supplier IJV equity changes over an 18‐year period.