Abstract
Joint ventures (JVs) are complex and heterogeneous investment vehicles. Hence, prior JV experience may be difficult to understand and transfer correctly to a subsequent JV. Focusing on differences between minority, majority, and 50-50 JVs, we argue that minority JVs are primary learning vehicles about joint venturing and thus are a springboard from which to launch and learn about the more complex majority and 50-50 JVs. Empirical analyses of 909 JVs formed by 25 Dutch firms over four decades (1966-2005) revealed that minority JV experience enhances ex-ante and ex-post performance benefits associated with majority and 50-50 JV experience. However, transfer effects between majority and 50-50 JV experience were negative.
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