Performance des partenaires locaux dans les coentreprises internationales en Asie : valorisation boursière et application de la théorie des coûts de transaction

Abstract

This article proposes an analysis of the performance of local partners in international joint ventures based on the transaction cost theory. This analysis was conducted within the framework of a sampling of 213 local partners that announced between January 2000 and December 2004, the creation of an international joint venture in one of the following five Asian countries: People's Republic of China, South Korea, Malaysia, Singapore, and Taiwan. First, an event study methodology was used to measure the performance of local partners by calculating their abnormal profitability. Second, multiple regression models were developed in order to test the impact of different explicative variables (cf. control, international joint venture industry, partners' experience, and country risk) on the abnormal profitability of local partners. The different empirical findings contribute to contemplating an analysis of the performance of local partners that is different from that of foreign partners. It also emerges from these findings that the transaction cost theory is a framework for analyzing performance that is more applicable to foreign partners than to local partners in international joint ventures. (PUBLICATION ABSTRACT)