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The contingent effect of state participation on the dissolution of international joint ventures: A resource dependence approach

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Abstract

We adopt a resource dependence approach to explain the effect of state participation on the dissolution of international joint ventures (IJVs). While resource dependence theory (RDT) has been used to explain the formation of IJVs, we propose an extension of the theory to explain their dissolution. We do so by highlighting the match between foreign firms’ resource needs (resource hierarchy) and the resource provision roles of state-controlled vs private local partners (resource profiles). We further argue that the effect of state participation on the dissolution of IJVs is moderated by foreign firms’ host country experience and IJV age. We test our hypotheses by using data on 623 IJVs in China. Our results show that state participation reduces the risk of IJV dissolution and that the strength of this effect differs depending on the type of state-controlled actor that is involved in an IJV. We also find that host country experience and IJV age moderate the effect of state participation on IJV dissolution. These findings enhance our understanding of IJV dissolution and contribute to the development of RDT.

Abstract

Nous adoptons une approche de la dépendance des ressources pour expliquer l'effet de la participation de l'Etat sur la dissolution des joint ventures internationales (JVI). Si la théorie de la dépendance des ressources (TDR) a été utilisée pour expliquer la formation des JVI, nous proposons une extension de la théorie pour expliquer leur dissolution. Nous le faisons en mettant en évidence l'adéquation entre les besoins en ressources des entreprises étrangères (hiérarchie des ressources) et les rôles d’approvisionnement en ressources des partenaires locaux privés versus étatiques (profils des ressources). De plus, nous argumentons que l'effet de la participation de l'Etat sur la dissolution des JVI est modéré par l’expérience des firmes étrangères dans le pays hôte et par l’âge des JVI. Nous testons nos hypothèses en utilisant des données sur 623 JVI en Chine. Nos résultats montrent que la participation de l'Etat réduit le risque de dissolution des JVI et que l’importance de cet effet varie selon le type d'acteur contrôlé par l'État qui est impliqué dans une JVI. Nous trouvons aussi que l'expérience dans le pays hôte et l'âge de la JVI modèrent l'effet de la participation de l'Etat sur la dissolution d’une JVI. Ces résultats améliorent notre compréhension de la dissolution des JVI et contribuent au développement de la TDR.

Abstract

Adoptamos un marco de referencia de dependencia de recursos para explicar el efecto de la participación estatal en la disolución de las empresas conjuntas (joint ventures) internacionales. Mientras que la teoría de dependencia de recursos ha sido usada para explicar la formación de las empresas conjuntas internacionales, proponemos una extensión a la teoría para explicar su disolución. Lo hacemos enfatizando la coincidencia entre las necesidades de recursos (jerarquía de recursos) de las empresas extranjeras y los roles de provisión de recursos de la participación de los socios controlados por el Estado versus los socios privados locales (perfiles de recursos). Además argumentamos que el efecto de participación de el Estado en la disolución de empresas conjuntas internacionales es moderado por la experiencia de las empresas extranjeras en el país anfitrión, y la edad de empresa conjunta internacional. Pusimos a prueba nuestra hipótesis usando datos de 623 empresas conjuntas internacionales en China. Nuestros resultados muestran que la participación del Estado reduce el riesgo de disolución de las empresas conjuntas internacionales y que la fuerza de este efecto difiere dependiendo del tipo de actor controlado por el Estado que está involucrado en una empresa conjunta internacional. Encontramos también que la experiencia en el país anfitrión y la edad de la empresa conjunta modera el efecto de participación del Estado en la disolución de empresas conjuntas. Estos hallazgos mejoran nuestro entendimiento de la disolución de empresas conjuntas y contribuye al desarrollo de la teoría de dependencia de recursos.

Abstract

Nós adotamos uma abordagem baseada na teoria de dependência de recursos (RDT) para explicar o efeito da participação do Estado na dissolução de joint ventures internacionais (IJVs). Enquanto a RDT tem sido usada para explicar a formação de IJVs, nós propomos uma extensão da teoria para explicar a sua dissolução. Fazemos isso ao destacar a correspondência entre as necessidades de recursos das empresas estrangeiras (hierarquia de recursos) e os papéis de suprimento dos parceiros locais controlados pelo Estado versus privados (perfis de recursos). Nós ainda argumentamos que o efeito da participação do Estado na dissolução de IJVs é moderado pela experiência das empresas estrangeiras no país anfitrião e pela idade da IJV. Nós testamos nossas hipóteses usando dados sobre 623 IJVs na China. Nossos resultados mostram que a participação do Estado reduz o risco de dissolução da IJV e que a força desse efeito difere de acordo com o tipo de ator estatal que está envolvido na IJV. Nós também concluímos que a experiência no país anfitrião e a idade da IJV moderam o efeito da participação do Estado em caso de dissolução IJV. Essas descobertas aprimoram nosso entendimento sobre a dissolução de IJV e contribuem para o desenvolvimento da RDT.

Abstract

我们采取资源依赖方法来解释国家参与对国际合资企业 (IJVs) 解散的效果。虽然资源依赖理论 (RDT) 已被用来解释IJVs的形成, 我们提出将该理论扩展以解释它们的解散。我们这样做是通过强调外国公司资源需求 (资源分层) 与国有控股对照当地合作伙伴的资源供给角色 (资源轮廓) 的匹配来完成的。我们进一步论述了国家参与对IJVs解散的效果被外国公司的东道国经验和IJV年龄所调节。我们通过使用中国623家IJVs的数据测试了我们的假设。我们的结果表明 : 国家参与减少了IJV解散的风险, 这一效果的强度依据介入IJV的国有控股者的类型而有所差异。我们还发现东道国经验和IJV年龄调节国家参与对IJV解散的效果。这些发现促进我们理解IJV的解散, 并对RDT的发展做出贡献。

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Notes

  1. We define IJV dissolution as the liquidation of an IJV, the sale of an IJV to a third party, or the buyout of an IJV by one of the partner firms (Hennart & Zeng, 2005)

  2. Whereas legitimacy can be viewed from both an institutional and strategic perspective (Suchman, 1995), we adopt the strategic perspective in line with resource dependence logic and view legitimacy as a resource that is critical to firm survival and that can be acquired by firms (e.g., Drees & Heugens, 2013; Pfeffer & Salancik, 1978).

  3. Despite attempts by the Chinese government to reduce the direct engagement of government agencies in economic activity and a declining trend in such activity, government agencies continue to engage directly in economic activity with local and foreign businesses in the PRC (Cui & Jiang, 2012; Lu, Liu, Wright, & Filatotchev, 2014). This was also highlighted in speeches by Chinese politicians in the late 1990s and early 2000s (see, for example, “The records of Zhu Rongji’s words, Peoples’ Publishing House 2011, vol. 1, p. 269; vol. 3, p. 50, and vol. 4, p.106).

  4. To avoid small numbers of observations in individual industries we grouped industries as shown in Table 1. We also ran our models by using alternative industry groupings and confirmed that our results remain consistent.

  5. We thank one of the anonymous reviewers for stressing that a high SCA stake and thus high constraint absorption may be associated with high performance raising foreign firms’ desire to buy-out their local partner. While we acknowledge this possibility, we suggest this is not very likely in our study given the fact that resources, such as regulatory support or legitimacy are difficult if not impossible to transfer.

  6. We used the equity shares held by the different SCAs at the time that the IJV was established. The SDC database does not contain information on the changes of these equity shares over time. We therefore searched other databases, but found no evidence of such changes. To check the robustness of our models, we also ran them with two dummies reflecting the mere participation of an SOE and the mere participation of a government agency instead of the actual shares of these SCAs. The results of these analyses did not differ significantly from the results of the analyses that used the continuous SCA equity shares.

  7. To evaluate the robustness of our results, we also ran our analysis by using two parametric estimation methods (Exponential and Weibull). With the exception of some changes in the significance level of some of the control variables, the results are in line with the results of the Cox proportional hazard method. These results are available upon request.

  8. To test the hypothesized moderating effect of IJV age on the association between state participation and IJV dissolution, we used a time-varying coefficient model, for which the Schoenfeld test is not applicable.

  9. We cannot use Fortune Global 500, multi-partner IJV, and industry together as matching covariates since this would lead to a substantial reduction in sample size, a typical shortcoming of matching case approach. We thus adopt a compromised approach and use either industry and Fortune Global 500, or industry and multi-partner IJV as matching covariates.

  10. These results are available from the authors.

  11. Our results differ from those of the study by Dhanaraj and Beamish (2004), which indicate a negative effect of the level of foreign ownership on IJV dissolution. However, their study differs from ours as it does not account for different types of local partners, such as private vs state-controlled firms. Further, Dhanaraj and Beamish (2004) treat the buyout of the local partner by the foreign partner not as IJV dissolution but as survival. Their results thus relate to a different dependent variable.

  12. We thank one of the anonymous reviewers for raising this possibility.

  13. We also test for a curvilinear direct effect of age on dissolution because Levinthal and Fichman (1988) find an initially higher hazard rate followed by a lower hazard rate (“honeymoon effect”) in their study of auditor–client relationships. We retrieve a baseline hazard function for our sample but find no evidence for such a honeymoon effect in our sample. This may be because auditor–client relationships can be set up faster and with lower up-front costs than IJVs so that the early stages of such relationships can be used by partners to assess their mutual compatibility. In contrast, because IJVs take longer to set up and include equity investment of the partners, firms establishing an IJV are more likely to assess the compatibility of partners before establishing an IJV. A potential honeymoon effect would thus occur – if at all – prior to the establishment of an IJV.

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Acknowledgements

We thank JIBS Editor Mona Makhija, three anonymous referees, Jean Boddewyn, Jing Li, Stephen Kobrin, Yadong Luo, and Ilyia Okhmatovskiy for helpful comments and suggestions.

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  1. University of Kent, Canterbury, Kent, UK

    Alexander Mohr

  2. University of Bradford, Bradford, UK

    Chengang Wang

  3. University of York, York, UK

    Fernando Fastoso

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Correspondence to Alexander Mohr.

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Mohr, A., Wang, C. & Fastoso, F. The contingent effect of state participation on the dissolution of international joint ventures: A resource dependence approach. J Int Bus Stud 47, 408–426 (2016). https://doi.org/10.1057/jibs.2016.14

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