Does responsibility breed stability? An institutional framework on the link between partner corporate social responsibility and joint venture termination
基于制度理论，研究了合作伙伴的企业社会责任如何通过提升合资企业的合法性来降低其终止风险，并分析了不同情境下的调节作用。
Joint ventures (JVs) are one of the most common governance structures for interfirm cooperation but also highly unstable. Building on institutional theory, this study argues that corporate social responsibility (CSR) of a partner can mitigate the risk of JV termination by enhancing the venture’s legitimacy. This legitimization effect of partner CSR is expectedly stronger for JVs that lack direct justifications for legitimacy or engage with similar stakeholder groups. However, the effect of partner CSR on JV legitimacy and stability diminishes if the partner is state-owned or holds less ownership in the JV. Empirical evidence from 256 JVs supports all the hypothesized relationships in our institutional framework. This study forges a critical link between responsibility and stability in the partner-JV dyad, thereby expanding the understanding of JV termination and CSR.