Competitiveness Review: An International Business Journal

International joint ventures: an integrated framework

Sameer Vaidya,
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19,1
8 Wesleyan University, Fort Worth, Texas, USA
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Competitiveness Review: An
International Business Journal
Vol. 19 No. 1, 2009
pp. 8-16
q Emerald Group Publishing Limited
1059-5422
DOI 10.1108/10595420910929022
The current issue and full text archive of this journal is available at
www.emeraldinsight.com/1059-5422.htm
International joint ventures:
an integrated framework
Sameer Vaidya
Abstract
Purpose The purpose of this paper is to provide a comprehensive overview of issues that are
involved in forming joint ventures (JVs) as well as subsequent operation of the venture.
Design/methodology/approach This paper looked at a wide range of literature on international
joint ventures (IJVs) to analyze issues managers face during the formation and implementation of these
ventures. This paper aims to provide not only avenues for further research in the area but also
practical advice to managers in what they need to be aware of while deciding whether to enter an IJV.
Findings This paper provides a comprehensive overview of the literature with respect to IJVs.
Issues with formation include such topics as trust, motives for formation, control issues, and culture.
An integrated framework is suggested by the author to look at a diverse range of issues together.
This paper takes the small pieces of the IJV literature and connects them into a big picture to make it
easier for practitioners as well as academicians to understand the complexities.
Research limitations/implications This paper could not review all the possible relationships
and variables that affect IJVs.
Practical implications A useful source for managers who manage JVs as well as for business
executives who are thinking about forming a JV with a foreign partner.
Originality/value Although many papers have studied the issues relating to JVs, not too many
have identified an integrated framework to show the relationships between the various factors that
affect JVs.
Keywords Joint ventures, Strategic alliances, International cooperation, Trust, Partnership
Paper type Literature review
Introduction
The last decade has witnessed an increasing globalization of the business
environment caused partly by the rapid integration of the economies of
industrialized nations and the globalization of products, markets, consumer tastes,
and lifestyles. Organizations in developed countries have realized that they need to
pursue opportunities aggressively in other countries in order to remain competitive in
this fast-paced global market. As international business activities continue to grow,
organizations around the world are establishing partnerships with firms from other
nations. Researchers and practitioners have suggested that the development of such
partnerships is a key to success in the global marketplace. Despite the high rate of
failures for joint ventures (JVs), firms choose to enter into such alliances to gain access
to world markets. In fact, Medina (1996) in her dissertation, found that job satisfaction
ranked higher in JV managers than in wholly owned subsidiaries managers.
Partnerships among firms can take various forms. Commonly known as strategic
alliances, they can range from licensing agreements to fully blown JVs. One way
of approaching strategic alliances is through Williamsons (1975) transaction cost
approach. This approach states that strategic alliance options lie on a continuum.
On one end of the continuum is the free market (informal cooperative ventures)
 method and on the other hand is the hierarchy (mergers and acquisitions) method of IJV: an
conducting business. JVs are in the middle of this continuum. However, this study will integrated
only examine the issues relating to international joint venture (IJV) formation and
partner selection. The terms JV and IJV are used interchangeably. Since the focus of framework
this study is IJVs, both terms refer to IJVs.

Purpose and importance of the study 9

This study aims to review the literature on IJV and propose an integrated model based
on the review. This study will begin with a review of the motives for IJV formation
followed by a review on partner selection criteria. Central to the concept of partner
selection are issues dealing with trust and commitment, knowledge and learning,
bargaining power, and control. An integrated framework of IJVs will follow a review of
the literature on the issues relating to partner selection. Previous research has
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identified factors for successful formation and partner selection in IJVs; however,
there has been no integrative study on this issue. The introduction of this paper states
the importance of partnerships among companies in order to remain competitive.
Research in this field will allow practitioners to make the right decisions with respect
to formation of such partnerships. Researchers will also benefit from an integrated
theory of IJVs. This paper will bring together the literature, which will allow
researchers to integrate the theory.

Literature review
In order to discuss the various issues involved in IJVs, it is necessary to define an IJV.
An IJVs is defined as a:
[. . .] separate legal organizational entity representing the partial holdings of two or more
parent firms in which the headquarters of at least one is located outside the country of
operation of the joint venture. This entity is subject to the joint control of its parent firms each
of which is economically and legally independent of the other (Shenkar and Zeira, 1987, p. 9).
This study will examine the motives for IJV formation, and partner selection
characteristics. This study will also investigate the interaction between trust and IJV
formation. The literature review will first investigate the motives for formation,
followed by the partner selection characteristics and the issue of trust in IJVs.
A discussion of knowledge, experience, and stability of the IJVs will be followed by the
conclusion of the literature review section, which will attempt to integrate all the issues
discussed. Figure 1 shows the relationship between motives for IJV and the formation
of the IJV.
Companies form IJVs for various reasons. The decision to enter into a JV rests with
the top management of an organization, which examines all the alternatives present
and chooses a mode of entry from these alternatives. Harrigan (1985) defined the
motives for forming a JV. The motives were divided into three parts: internal benefits,
competitive benefits, and strategic benefits:

Motives for Partner Trust and Formation of

IJV formation selection process Commit- the IJV Figure 1.
ment Motives for IJV formation
 CR (1) Internal benefits. JVs are often formed to generate internal strengths (Harrigan,
1985). Internal benefits include cost and risk sharing, obtaining scarce
19,1 resources, obtaining financing, obtaining information, obtaining managerial
know-how, and retaining innovative employees.
(2) Competitive benefits. JVs are a powerful tool for creation of competitive
strengths via vertical integration or consolidation of firms. Competitive benefits
10 include influence over industry structure, preempting competitors, response to
globalization, and creation of more effective competitors.
(3) Strategic benefits. JVs assist companies in implementing change in their
strategic position. Strategic benefits include creation and exploitation of
synergies, technology transfer, and diversification.
Kogut (1988) suggested another approach to the existence of JVs. Kogut (1988)
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proposed that JVs exist primarily due to three reasons. Kogut (1988) discusses these
three reasons in terms of three perspectives or approaches to JV formation. They are:
(1) Transaction cost approach. JVs are formed to minimize the cost of production
for a firm. When the production costs of internalizing exceed the cost of
externally sourcing then formation of a JV is a viable option.
(2) Strategic behavior approach. This approach posits that JVs are formed as a
response to external environmental pressures. Kogut (1988) stated that firms
that choose to maximize their profits by improving their competitive position
opt for a JV. Vernon (1983) cited in Kogut (1988) stated that firms enter into JVs
in order to reduce risk against strategic uncertainties.
(3) Organizational learning approach. JVs allow firms to acquire knowledge or
know-how from another firm.
Organizations intending to enter into an IJV usually conduct a strengths, weaknesses,
opportunities, and threats analysis before deciding on forming an alliance. For almost
all firms, one or several of the motives mentioned above may be the reason to enter into
an IJV.
Partner selection criteria
JVs have had a high rate of failure, which is evident from the fact that many of them
break up. The partners in a JV can have a number of different goals, and differences in
these goals can cause the venture to break up. Cullen et al. (1995) stated that partner
selection should be considered to be an important strategic decision by companies
before forming a JV. Failure of JVs is costly for both the partners, and therefore
companies try to avoid break ups by choosing the right partner. Some of the reasons
for failure include incompatibility of partners, partners reneging on their promises,
inability of managers from different partners to work together, and disappearance of
markets.
In the case of IJVs, firms have to find a local partner with motives for venture
formation. The need for local partners may arise due to reasons such as lack of
knowledge about the local market, lack of knowledge about the local culture, customs,
and business traditions, government regulations, etc. Beamish (1994) conducted a
comprehensive study that involved 66 IJVs located in developing nations. Beamish
(1994) classified the needs of partners into five categories provided:
 (1) Items readily capitalized. The need for capital, the need for raw material supply IJV: an
(Shenkar and Zeira, 1987), and the need for technology or equipment integrated
(Gomes-Cassares, 1989).
(2) Human resource needs. Need for local labor, including local general and
framework
functional managers (Datta, 1988).
(3) Market access needs. Better access to the local market for goods produced there,
better access to foreign markets for goods produced in the local markets, and
11
speed of entry into the foreign or the local market (Datta, 1988; Shenkar and
Zeira, 1987).
(4) Government needs. Regulations by government stating the need to form a JV
with a local partner. IJVs are also formed to keep the local politicians satisfied
by assisting the local businesses (Datta, 1988; Gomes-Cassares, 1989; Shenkar
and Zeira, 1987).
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(5) Knowledge needs. Lack of local knowledge, factory regulations, marketing

methods, etc. (Datta, 1988; OReilly, 1988).

Based on Beamishs (1994) framework, it is evident that companies have to conduct

research prior to forming a JV with local partners. Geringer (1991, p. 58) stated that
managers seeking a complementary IJV partner must determine the specific
task-related complementarity as a basis for partner selection. The author further
posited that prospective partners should be able to provide organizations with
task-related skills and resources that fill a capability gap that exists in the organization.
JVs do reduce entry risks into a market, yet they also entail hardships. Forming a
venture with a culturally different partner is difficult Arino et al. (1997), but once the
partnership is formed it is necessary to manage the relationship effectively. Using
Hofstedes dimensions, Barkema and Vermeulen (1997) found that differences in
cultural values regarding long-term orientation and uncertainty avoidance caused
conflict in the IJV performance. Differences in the three other dimensions, which were
power distance, the individualism index, and the masculinity index, did not cause any
conflicts in the IJV (Barkema and Vermeulen, 1997). The issue of trust and commitment
enters the relationship after the formation of the venture. Kogut (1988) stated that the
mutual hostage position of the IJV partners guarantees the performance of both
the firms. However, others (Beamish, 1994; Cullen et al., 1995) stated that mutual trust
and commitment makes it possible for the IJV to succeed.

Trust and commitment

Business and cultural differences between IJV partners often create conflict. Working
relationships must be based on trust. JVs require management and organization
processes to create trust and the capacity to collaborate as they are considered to be
inherently unstable. Trust may be defined as the ability of a partner to perform
according to the expectations of a relationship (Morgan and Hunt, 1994), whereas
commitment may be defined as an enduring desire to maintain a valued relationship
(Moorman et al., 1993, p. 316). Trust and commitment are both necessary for success of
an IJV. Madhok (1995) stated that trust has to be built over a period of time and can be
time-consuming and expensive. Parkhe (1993, p. 302) posited that trust is the
behavioral lubricant that reduces friction between two parties. Cullen et al. (1995)
 CR stated that commitment is crucial for successful IJV relationships. The authors found
19,1 that the greater the strategic importance of the IJV to its parent company, the greater
the perceived IJV economic performance, and the more satisfaction a partner reports
with the IJV relationship, the more committed that partner is to the IJV. Typically, IJVs
have a less-balanced equity structure as compared to domestic JVs (Llaneza and
Garcia-Canal, 1998). Zeira et al. (1997) found that unequal equity JVs in Hungary were
12 effective due to the patience of both the partners in managing their problems.
It is obvious from the above discussion that partner trust and commitment are
important for the success of the JV. Tichy (1988) suggested that senior executives must
be involved in designing management processes that facilitate effective joint strategy
formulation, create structural linkages, provide day-to-day coordination and
communication, and establish a win-win climate. These processes will go a long way
in establishing a climate of trust in the organization, which will improve the stability of
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the IJV. However, there are other factors such as knowledge, learning, and experience
that also affect the stability of an IJV. The next section will discuss these issues.

Knowledge, learning, and bargaining power

Inkpen and Beamish (1997) stated the importance of knowledge as an important
variable in the bargaining power process of JVs. The organizational learning approach
(Kogut, 1988) mentions the intention of firms to acquire knowledge through JVs.
Firms that possess the knowledge advantage have more bargaining power in the
formation process. Yan and Gray (1994, p. 1478) stated that:
[. . .] the relative bargaining power of each joint venture shapes the pattern of management
control that a venture adopts [. . .] parent control is hypothesized to be a critical factor that
determines performance.
Inkpen and Beamish (1997) found that bargaining power of firms, knowledge of firms,
and the instability of the JV are closely related to each other. The authors state that as
the level of local knowledge of the foreign partner increases, the bargaining power
shifts to the foreign partner. Inkpen and Beamish (1997) warn local firms in IJVs to
safeguard their interests by constantly upgrading the knowledge that the local partner
provides to the JV.
On the other hand, it is important for the foreign partner to understand the local
environment in order to have substantial bargaining power. Organizational learning
theory posits that prior learning facilitates the learning and application of new and
related knowledge (Cohen and Levinthal, 1994). With respect to IJVs, firms have to
learn how to manage IJVs and perform in a foreign market with a partner from another
culture. Barkema et al. (1997) conducted a study to examine the learning process of IJVs
abroad. The authors found that experience with domestic JVs and with international
wholly owned subsidiaries contributed to the longevity of the JV. A surprising
non-finding was the effect of prior experience with IJVs. The authors could not find
support that prior experience with IJVs contributed to the longevity of a firm. Perhaps,
the non-finding was a result of the type of JVs in their sample. Zeira et al. (1997) stated
that JVs in related parent industries were less effective than JVs in unrelated parent
industries. Barkema et al.s (1997) sample might contain companies that had prior
experience with partners from related parent industries, and therefore were not
satisfied with the effectiveness of the venture.
 Control IJV: an
The concept of control refers to the process by which one organization influences, to integrated
varying degrees, the behavior and output of another entity through the use of formal or
informal mechanisms (Geringer, 1991). Control plays an important role in determining framework
a firms ability to achieve its strategic objectives, since it affects the organizations
ability to monitor, coordinate, and integrate the activities of its various business
operations, including IJVs. Exercising control over some or all of a JVs activities may 13
protect the parent from damaging leakage of critical dimensions of its strategy,
technological core, or other proprietary innovations or know-how (Hamel et al., 1989).
The degree of control exercised by a parent over individual JV activities ranges
from complete control by one parent, to equal control by each parent and/or the
ventures managers, to complete control by the JVs managers (Killing, 1983). Some
researchers (Killing, 1983; Anderson and Gatignon, 1986) believe that dominant control
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structures often make JVs easier to manage and may be more successfully executed
than when the decision-making control is shared by the parents. Geringer and Hebert
(1989, 1991) disagree and state that a split control structure, where each parent or the
JV managers exerts dominant control over one or several different activities of the JV,
is also as beneficial to both the parties as the complete control process discussed above.
Yan and Gray (1994) proposed that the structure of management control between two
JV partners affects the performance of the venture. The characteristics of JVs discussed
in the previous sections, such as trust and commitment, moderate the relationship
between performance and control.
Control mechanisms may be positive, which parents employ in order to promote
certain behaviors, or negative, which are used by a parent to stop or prevent the IJV
from implementing certain activities or decisions. Positive controls tend to be exercised
through informal mechanisms, including staffing, reporting relationships, and
participation in the planning process. On the other hand, the more bureaucratic
negative control includes reliance on such mechanisms as formal agreements, approval
or veto by parents, and the use of the ventures board of directors.
Control-related failures are likely to occur if control practices are not re-evaluated
and modified in response to changing circumstances. This is the job of both partners in
the IJV. Responding to problems on an ad hoc basis will result in control related
failures.

Proposed framework of the IJV

After reviewing the literature in the field of IJV, the author of this paper will propose
the following framework for IJVs (Figure 2). The suggested framework extends the one
suggested at the beginning of this paper. This framework states that if the IJV is not
performing as expected, organizations should examine the issue of trust, commitment,
control, etc. and decide if the IJV is beneficial to both the parties. It has been mentioned
before that IJVs fail or break up because of control-related problems as well as learning
issues. The feedback loop from performance to the issues in IJVs (trust, conflict, etc.)
explains the importance of those issues to the success of the IJV. The effect of trust and
commitment on the continuation of the relationship is well-documented in the literature
(Yan and Gray, 1994). It is also important to examine the external as well as the
internal environment before entering into a JV and even after evaluating the future of a
current JV. Cultural differences are a major part of the external environment and
 CR
External
19,1 Environment Bargaining
Power

14 Trust
Commitment
Control
Motive for Partner Conflict International Performance
formation Selection Experience Joint Venture
Learning
Stability
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Figure 2.
International JVS: an Internal
integrated framework Environment

should be addressed during the formation phase of the JV. Prior research can help
practitioners assess the favorable and unfavorable aspects of cultural differences.
Another crucial variable to be considered during the formation phase is bargaining
power. It is also important to examine bargaining power once the venture is formed.

Future research directions

It is obvious from the literature review that researchers have examined the issues
relating to JVs in isolation. Only a few (Kogut, 1988; Datta, 1988) researchers attempted
to integrate the literature in the field of JVs. This study attempted to integrate the
issues mentioned in the literature, however, a larger study should be undertaken by
researchers to further develop a comprehensive theory of IJVs.
Recent changes in the political, social, and legal environment have affected the
utility of JVs. Researchers should attempt to understand the effects of these changes
on JV formation and JV success. Changes in organization structures, advances in
technology, new trade group formations are all issues that have not been addressed in
the current literature.

Conclusion
This study proves that the relationship between IJV formation and success is complex.
There are various moderating variables, such as trust, commitment, and goals of
organizations, which affect the relationship between IJV formation and success.
Despite the changes in the political and legal environment, JVs will continue to form
between firms of developed and developing nations.
The applicability of US theories in foreign cultures has been a controversial issue in
the management research field. However, Yan and Gray (1994), in their work, state that
the IJV theories developed in the US are applicable in China. More studies in other parts
of the world are necessary in order to develop a valid theory of IJVs.
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Further reading
Shenkar, O. and Zeira, Y. (1990), International joint ventures: a tough test for HR, Personnel,
January, pp. 26-31.

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