Joint ventures vs. Non‐joint ventures: An empirical investigation
研究对比石油行业中合资与非合资企业在竞标油气租约时的表现，发现合资企业虽市场力量更强，但识别高产租约的能力并不更优，且因支付更高成本，整体绩效显著低于非合资企业。
Abstract This paper describes a longitudinal empirical study comparing joint ventures and non‐joint ventures in the petroleum industry as they compete for oil and gas leases. Results indicate that, while enjoying a significant advantage in market power, joint ventures do not perform any better than non‐joint ventures at identifying potentially productive leases. Because of the higher payments made for these leases, the overall performance of joint ventures is significantly lower than that of non‐joint ventures.