Abstract
Joint ventures are an important organizational form that facilitates inter-firm cooperation; yet, there has been little rigorous analysis of motivations for and implications of joint ventures.1 This investigation focuses on the U.S. chemical industry, an industry in which joint ventures were undertaken than in any other two-digit industry (except petroleum), between 1964 and 1973. This paper presents and tests a model in which firms used joint ventures as a means for augmenting their technological activities. The process of technological agumentation is not restricted to joint ventures, and can be accomplished through other in-house and inter-firm activities; we explore the choise of this particular organizational form with in the chemical industry. Technological and production joint ventures offer, to differing degrees, (1) the expectation of low time lags between the initial investment period in research and development (R&D) and the
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