From hybrids to hierarchies: shareholder wealth effects of joint venture partner buyouts
研究合资企业合作伙伴收购（将混合治理结构转为内部层级）对母公司绩效的影响，基于交易成本理论分析价值创造或损耗的来源，补充了合资企业存续研究。
This study examines the parent firm performance implications of joint venture (JV) partner buyouts, which involve the conversion of a hybrid governance structure to an internal unit within the firm's hierarchy. Transaction cost theory, as developed and applied in the international literature and market entry research, is extended to the post-entry investment setting to isolate sources of value creation or dissipation from the governance changes effected by JV partner buyouts. The evidence complements recent research on JV longevity and its determinants. Copyright © 2001 John Wiley & Sons, Ltd.