Innocents Abroad: The Hazards of International Joint Ventures with Pyramidal Group Firms
研究了巴西电信行业中，金字塔集团企业与来自不同国家（金字塔结构普遍与否）的合作伙伴组建国际合资企业的成败差异，发现与金字塔结构罕见国家的伙伴合作失败率更高。
We examine international joint ventures in the telecommunications industry in B razil, where pyramidal groups are ubiquitous. We explain how corporate governance differences between pyramidal groups versus widely held freestanding firms can lead to joint venture failures. Our empirical results show that joint ventures between pyramidal group‐member firms and partners from countries where pyramids are rare have significantly elevated failure rates, while joint ventures with partners from countries where pyramidal groups are ubiquitous are more likely to succeed. Further, we provide clinical examples illustrating the mechanisms driving divergent partnership performance.