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Cited by 1,363

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

Joint Ventures and the Option to Expand and Acquire

Kogut, Bruce·1991·Management Science
DOI 10.1287/mnsc.37.1.19
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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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Metadata

Authors
Kogut, B.
Venue
Management Science
Publisher
Institute for Operations Research and the Management Sciences (INFORMS)
Published
1991-01
Volume
37
Issue
1
Pages
19-33
ISSN
  • 0025-1909 (ISSN-L)
  • 1526-5501
DOI
10.1287/mnsc.37.1.19
OpenAlex
W2121334610
Cited by
1,363
References
2
FWCI
9.61
Type
journal article
Language
en
Open access
closed

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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.