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Joint Ventures and the Option to Expand and Acquire
Abstract
This article develops the perspective that joint ventures are created as real options to expand in response to future technological and market developments. The exercise of the option is accompanied by an acquisition of the venture. It is hypothesized that the timing of the acquisition should be triggered by a product market signal indicating an increase in the venture's valuation. Based on a sample of 92 manufacturing joint ventures, this hypothesis is tested by estimating the effect of product market signals on the hazard of acquisition. The results indicate that unexpected growth in the product market increases the likelihood of acquisition; unexpected shortfalls in product shipments have no effect on the likelihood of dissolution. This asymmetry in the results strongly supports the interpretation of joint ventures as options to expand.
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Cites
Belief in the law of small numbers.
Tversky, A., & Kahneman, D. (1971) · Psychological Bulletin · doi:10.1037/h0031322 · Cited by 3,246
Evidential impact of base rates
Tversky, A., & Kahneman, D. (1982) · Judgment under Uncertainty · doi:10.1017/cbo9780511809477.011 · Cited by 591
Cited by
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Eisenhardt, K. M., & Schoonhoven, C. B. (1996) · Organization Science · doi:10.1287/orsc.7.2.136 · Cited by 2,672
Interfirm Rivalry and Managerial Complexity: A Conceptual Framework of Alliance Failure
Park, S. H., & Ungson, G. R. (2001) · Organization Science · doi:10.1287/orsc.12.1.37.10118 · Cited by 793
Resources, Knowledge and Influence: The Organizational Effects of Interorganizational Collaboration*
Hardy, C., Phillips, N., & Lawrence, T. B. (2003) · Journal of Management Studies · doi:10.1111/1467-6486.00342 · Cited by 741
THE INFLUENCE OF NATIONAL CULTURE ON THE FORMATION OF TECHNOLOGY ALLIANCES BY ENTREPRENEURIAL FIRMS.
Steensma, H. K., Marino, L., Weaver, K. M., & Dickson, P. H. (2000) · Academy of Management Journal · doi:10.2307/1556421 · Cited by 520
Metadata
- Authors
- Kogut, B.
- Venue
- Management Science
- Published
- 1991-01
- Volume
- 37
- Issue
- 1
- Pages
- 19-33
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W2121334610
- Cited by
- 1,363
- References
- 2
- FWCI
- 9.61
- Type
- journal article
- Language
- en
- Open access
- closed
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- Kogut, B. (1991). Joint Ventures and the Option to Expand and Acquire. Management Science. https://doi.org/10.1287/mnsc.37.1.19
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
