Optimal Ownership Structures in Asymmetric Joint Ventures
نویسندگان
چکیده
منابع مشابه
Ownership and Control in Joint Ventures∗
Joint ventures afford unique opportunities to study how firms assert property rights over jointly used assets because parents clearly delineate control. We argue that ownership allocations trade off investment incentives with control-related inefficiencies. We show how residual control rights can create a discontinuity in parent incentives that explains the observed clustering of ownership at 5...
متن کاملOwnership and Control in Joint Ventures: Theory and Evidence
Joint ventures, a particularly popular form of corporate cooperation, exhibit ownership patterns that are clustered around equal shareholdings for a wide variety of parent firms. In this paper, we investigate why 50-50 or “50 plus one share" equity allocations should be so prevalent. In our model, parent firms trade off control benefits and costs with incentives for resource contributions in th...
متن کاملContracting Institutions and Ownership Structure in International Joint Ventures
☆ We thank seminar participants at the Université de University, the Katholieke Universiteit Leuven, Georg the University of Hawaii at Manoa; and conference par International Economics Meetings, the 2008 Internat Conference for helpful comments and suggestions. Van Ass de la recherche sur la société et la culture (FQRSC) for fina the financial support of TRUST (Team for Research in U which rece...
متن کاملThe costs of shared ownership: Evidence from international joint ventures
This paper analyzes the determinants of partial ownership of the foreign affiliates of U.S. multinational firms and, in particular, the marked decline in the use of joint ventures over the last 20 years. The evidence indicates that whole ownership is most common when firms coordinate integrated production activities across different locations, transfer technology, and benefit from worldwide tax...
متن کاملResearch joint ventures and optimal R&D policy with asymmetric information
When to allow Research Joint Ventures (RJVs) or not is an important instrument in the development of an optimal R&D policy. The regulator, however, is unlikely to know all the relevant information to regulate R&D optimally. The extent to which there exist appropriability problems between the firms is one such variable that is private information to the firms in the industry. In a duopoly settin...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2000
ISSN: 1556-5068
DOI: 10.2139/ssrn.235306