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Author: | Hennart, J. F. Reddy, S. |
Title: | The choice between mergers/acquisitions and joint ventures. The case of Japanese investors in the United States (Unternehmenskooperation; Geschäftsübernahme; Auslandsinvestition) |
Journal: | Strategic Management Journal
1997 : JAN, VOL. 18:1, p. 1-12 |
Index terms: | |
Freeterms: | UNTERNEHMENSSTRATEGIE, FUSION, USA, JAPAN |
Language: | eng |
Abstract: | This paper investigates the determinants of the choice between merger/acquisition and the greenfield equity joint venture. Two theories of the determinants of that choice are tested on a sample of Japanese investments in the USA. The results show that equity joint ventures are preferred over acquisitions when the desired assets are linked to non-desired assets, when the Japanese investor has little experience of the American market , when the Japanese investor and the USA partner manufacture the same product, and when the industry entered is not growing very rapidly nor very slowly. |
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